Question

About Your Home(s) - Fair Market Value section for California state taxes

Forum|Forum|3 years ago
February 26, 2023
1 reply
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The instructions are "Enter the total value of your home(s) on the date was last secured by the home(s). " Would this be value based on/ around the loan origination date or current market value? I'm confused by "on the date was last secured" comment.

In my scenario I have two homes referred in this section, home one purchased 10 years ago for 392k and today's market value is 833k, home two purchased for 675k three years ago and today's market value is 957k.

So I either need to put 1,067,000 or 1,790,000 or something else?

V

Vanessa A

This would be the date that you last took out a loan. So, if you never refinanced your homes, then that would be the purchase date. If you refinanced one of them last year but never refinanced the other one, then one you would use the refinance date and the other you would use the original purchase date.

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