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How is this possible?

I used to live in Southern California and my tiny little house about 30 miles from this location was only 890 sq ft single family residence. Property taxes for it right now are somewhere in the ballpark of $7,000/year with a property value of around $700,000.

https://www.redfin.com/CA/Escondido/360-E-Washington-Ave-92025/home/3952583

The property linked is an apartment complex worth approx $6mil but the property tax is only $1,938??? If you look back at the listed price for 2019, that's the only one that seems more accurate at $70,060 for the year. How is it that the property tax for homeowners is around 1% where as based on this $1,928 for $6mil is .03%? Is there some special tax break that apartments get?

submitted by /u/getonurkneesnbeg
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1v04wtx/how_is_this_possible/
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