Question: Do the owners of the burnt down homes in the Palisades get a revised lower property tax bill? If not, it would be a no brainer to sell the lot to a hedge fund and say bye bye CA.
Yes they do and they get to keep the old rate if they rebuild. If they are long time residents, they probably don't have much of a property tax bill anyway. The problem is people may not be able to afford to wait for a new house to be rebuilt and the cost of bringing it up to current code.