> Couple hit with wealth tax files lawsuit (yup in CA)

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Phillip_McCavity
#1 2019-10-09 14:56:48

Couple hit with wealth tax files lawsuit (yup in CA)

https://www.mercurynews.com/2019/10/08/ … -surprise/

Their story began in 2013, when the Shulmans sold their home on Hamilton Avenue in Santa Clara County to RFBPO, a Zuckerberg-owned LLC. The Zuckerbergs bought up four properties, including the Shulman’s, around their Palo Alto home after learning that a developer planned to build a home next door that would be tall enough to see into the Facebook CEO’s master bedroom.

The Shulmans purchased property in Atherton in San Mateo County and built a new home on it by 2015, within the two-year time frame Prop. 90 requires. San Mateo County assessed the new property at about $6.8 million. But when the couple applied for Prop. 90 approval in San Mateo County, they were denied. That’s because Santa Clara County had assessed the value of their old residence at just $4.9 million, a fraction of the sales price. And that put their new place well above the required threshold allowed for a property tax transfer — 110 percent of the old home’s assessed value.

With the denial of the transfer, the Shulman’s say their property taxes rose by about $60,000.



The whole story is complicated and there are valid points.

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#2 2019-10-09 21:22:02

Re: Couple hit with wealth tax files lawsuit (yup in CA)

Phillip_McCavity wrote:

https://www.mercurynews.com/2019/10/08/couple-who-sold-home-to-mark-zuckerberg-gets-a-property-tax-surprise/

Their story began in 2013, when the Shulmans sold their home on Hamilton Avenue in Santa Clara County to RFBPO, a Zuckerberg-owned LLC. The Zuckerbergs bought up four properties, including the Shulman’s, around their Palo Alto home after learning that a developer planned to build a home next door that would be tall enough to see into the Facebook CEO’s master bedroom.

The Shulmans purchased property in Atherton in San Mateo County and built a new home on it by 2015, within the two-year time frame Prop. 90 requires. San Mateo County assessed the new property at about $6.8 million. But when the couple applied for Prop. 90 approval in San Mateo County, they were denied. That’s because Santa Clara County had assessed the value of their old residence at just $4.9 million, a fraction of the sales price. And that put their new place well above the required threshold allowed for a property tax transfer — 110 percent of the old home’s assessed value.

With the denial of the transfer, the Shulman’s say their property taxes rose by about $60,000.



The whole story is complicated and there are valid points.

Those are home values so high nobody outside of that niche area gives a damn.

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