Escape Assessment on Home Built last year

[escapeplan]

Good evening,

My wife and I purchased a new home in CA, Jan 31, 2008. At the time home prices were falling (not as much as now) and we were able to get into a new home in a HOA for @319K.

Over the past year the builder has continued to build new homes with a lot more incentives, completed yards, HOA paid for a year etc for @ 280K.

So assuming I have lost value in my home, I have received a Escape Assessment enrollment notice from the County of San Bernardino with something that has caught my attention hard.

The Description says Assessor Err with the description "And Int in Common Are" (Not sure what that means)

Anyways it shows an improvement value of $260,000 with a net value of $447,720 being a total net increase of $260,000.

So I'm confused. I don't know too much about this at all and the number listed on the Notice is not in service.

I'm curious of what this does to me? Am I going to get a huge tax increase? Is this legal? I don't understand how I can probably only sell my home for 250,000 but the assessor is saying it's going up 260,000.

Any help will be greatly appreciated.

Thank You!

[drewguy]

And Interest in Common Area(s) -- is there a homeowners association that either owns roads, parks, clubhouse, etc., that you have an implicit ownership in?

As to value, I would call the assessor's office to understand what's going on and find out how you can appeal the assessment. Make sure you jump through whatever hoops they require. If comparable houses are really selling for $280k, it should be easy for you to show that $447k is not the correct value.

[escapeplan]

Thanks so much for the fast response Drew, really appreciate it. Ya I was stumped as well.

The area I live in is new and still undeveloped. So far there's only @ 240 homes, no parks, no schools, nothing yet. There's been recent street improvements, block walls, and land scaping, but nothing major what so ever. My wife's best friend just purchased a home 15 houses away last month and I was really jealous at the deal they received.

So I'm worried that I'm just getting another CA tax increase...

I'll try them again on Monday morning. There's a number to the Clerk's Office that I can try, hopefully they can point me in the right direction.

Thanks again,