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by ScottBurson
4447 days ago
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The property owner would still be liable for annual tax payments on the assessed value of the property. When that is falling, the Prop. 13 limitation has no effect. The lien we're talking about would be on the difference between the tax paid under Prop. 13 and the tax that would be due if there were no Prop. 13. If the mortgage is underwater, that difference is zero. |
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