What another AMAZING “coincidence”

California had just added a New proposition to an outdated tax law, if your home burns down and you don’t rebuild within 2 years (impossible in California) you lose your tax basis. Your property taxes SKYROCKET to the new values of the property. 

“Think about a home that was purchased many years ago for $5 million. Let's say they were paying $65,000 a year in property taxes. Property goes up a lot over time, especially in these areas. Maybe the value today is $30 million. They go to rebuild it. If it was not, if they couldn't transfer the tax basis, you're looking at like $400,000 a year that they would have to pay”

“In 2020, California voters approved a bill that basically said that if your house burns down in a fire, you can transfer the tax basis of that property to something that you buy or something that you build. But you only have two years to do it.”

So some of the most expensive homes and properties the entire world now will get reassessed to pay maximum property tax values….