Property Taxes in California!
I get a lot of questions from people about what will their property taxes be after they purchase the home. There is no one answer. There are some complex issues that can arise, but I will give you the answer that will probably apply to 99% of the purchases.
For those of you old enough to remember in 1978 California Passed (over the objections of then and now Governor Jerry Brown) Proposition 13. This was the beginning of a Nationwide Tax Payer Revolt. Within a Day of it's passing Jerry Brown was all for it and within 2 weeks everyone thought he wrote in the first place. He then tried to ride the issue into the White House as part of the Tax Payer Revolt.
Proposition 13 Limited Property Taxes to 1% of the assessed value. It also placed the maximum assessed value at purchase price plus 2% per year. If you buy a house for $200,000.00 the maximum it can be assessed at (barring unusual circumstances or improvements) is about $221,000.00.
Now politicians are clever and they have found ways to get around the 1% limit. There are some special districts and some special assessments on many properties. There is Mello Roos Assessments which are really improvement bonds, not taxes, but it feels like a tax.
In different areas agents will know the approximate tax rate as a percentage of the purchase price. I have heard of some areas as low as 1.1 and as high as 1.5. In East Contra Costa County for the most part it is around 1.25 to 1.3%.
Each home will have different assessments and after you are in contract they will have to provide you with a disclosure report showing all of the assessments.
A home purchased for $300,000.00 in East Contra Costa will probably have an annual property tax rate starting out of about $3,750.00 to $3,900.00; but always check, these numbers are averages.
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Great post on a subject that CAN differ! We have homes in the same neighborhood, same square footage, and have major differences in taxes. One has contested their taxes, and the other didn't....it DOES make a difference. Great post!
It looks like the Spammers keep coming. I wonder how they get in and I wonder if it is worth thier time.