I live in Santa Clara County. I bought a few properties through trustee sales this year, but it appears that the tax basis for these properties have not been re-assessed to reflect my purchase. Does anyone know what the rules are for establishing property tax basis after buying properties at trustee sales? Does a trustee sale trigger a property tax re-assessment?
In “regular” sales and short-sales, the initial property tax basis is set to the sales/purchase price. What is the property tax basis for a trustee sale?