The highest income bracket is 13.9% not 12%.
Property taxes are about 1.6% of the assessed value of the home each year, but it is assessed at the date of purchase for most people (some exceptions, people who had re-assessments after the 2010 debacle had to sign an agreement that their properties would be re-assessed every 2 years so they could be facing problems with the recent 30%-40% gains since 2019).
Maybe this guy already has wealth parked somewhere, so won’t declare a ton of income in California... and wants to party like a rock star :-)
I wouldn’t doubt it.