California E&S Insurance

Specifically, it’s the factored base year value + 1.022 million. This mainly affects houses bought extremely cheaply decades ago and have since then risen well over a million in value from the factored base year value. If you inherited a house that was bought for 1 million a decade ago and is currently 2.2 million, you won’t see a property tax reassessment, since the difference between the current market value and factored base value is still within the 1.022 million exemption.

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