Coming up on @ktla.com: What happens to your property taxes if your house burns down? I'll answer that and other viewer questions. If you have a financial question related to the fires, email me at [email protected]
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You must be undulated with needed requests for assistance by homeowners for financial information. I will just "like" comments, not throw in my "two cents", out of respect for you, and them.❤️
Say you have a $1M mortgage and still owe half? Does the insurance co pay half to you and half to the bank? Or all to one of the parties? Once rebuilt and appraised, do you have to get a new mortgage at today's rates or do you still keep your prior rate?
But does the insurance co. pay you or the bank or both?
What happens to it once the rebuild is done? Refi at the new valuation and at today's mortgage rate? Or does the original mortgage just stay as it is for the lower amount and presumably, rate?
"The primary benefit is that all California property insurers must immediately pay out a minimum of one-third of the estimated value of a policyholder’s personal belongings, as well as a minimum of four months’ worth of rent for the local area in which they live."
That is a great benefit to have but guarantee that it will take way more than 4 months to rebuild those homes from what I have seen happen for friends who have lost theirs to fires…😔 Why it pays to have a policy that covers up to 12
Months minimum..
Property taxes based upon valuation of purchase price
Property tax near me 1.115%
Property portioned on land only
Call county tax assesor office for assistance
Veterans can obtain discounts on property tax
Qualified veteran low income discount reduce property tax
Mine $205 annually
Want cheapest property taxes?
Buy land.
Obtain modular home, put on concrete foundation.
Technically modular homes are on moveable foundation ergo lower property taxation applicable.
Base modular home
Property taxes are on land and structures attached land
Foundation attaches land
Structure moveable
Comments
Say you have a $1M mortgage and still owe half? Does the insurance co pay half to you and half to the bank? Or all to one of the parties? Once rebuilt and appraised, do you have to get a new mortgage at today's rates or do you still keep your prior rate?
What happens to it once the rebuild is done? Refi at the new valuation and at today's mortgage rate? Or does the original mortgage just stay as it is for the lower amount and presumably, rate?
Thanks!
https://www.nbcnews.com/business/consumer/la-fire-victims-insurance-claims-experts-steps-rcna187224
Months minimum..
Property tax near me 1.115%
Property portioned on land only
Call county tax assesor office for assistance
Veterans can obtain discounts on property tax
Qualified veteran low income discount reduce property tax
Mine $205 annually
Buy land.
Obtain modular home, put on concrete foundation.
Technically modular homes are on moveable foundation ergo lower property taxation applicable.
Base modular home
Property taxes are on land and structures attached land
Foundation attaches land
Structure moveable