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Garrigus Real…, Real Estate Pro in Riverside County, CA

Grand Terrace CA Real Estate House Sales and Home Listings - Short Sales, Foreclosures and Standard Sales - August 2011 Market

Grand Terrace CA Real Estate House Sales and Home Listings - Short Sales, Foreclosures and Standard Sales - August 2011 Market Report News This is a market activity report of closed house sales and active… Read more

Blogged Tue Sep 20, 2011 by Garrigus Real Estate • Market Conditions • Home Buying • Home Selling

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LUXURY HOME…, Real Estate Pro in El Segundo, CA

LUXURY HOME LOANS CA answered:

agent offered lender, said Wells Fargo has bad reputation closing. Is that true?

Last year, all big lenders were taking around 60-days to close. That's not the case anymore. I would go forward with your lender of choice. You certainly want to ask them what thei ... more

0 votes • Flag • Sat Mar 12, 2011 • Home Buying in Grand Terrace

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Diane Wheatl…, Real Estate Pro in Rancho Cucamonga, CA

Diane Wheatley, HAFA Certified answered:

California Property Tax

Under Proposition 13, a measure passed in 1978 that limits property tax increases, the sale price of a home is generally used to set the home’s base value and subsequent property tax assessment. Proposition 13 also ensures that annual assessments will not increase more than 2 percent each year. The tax rate in California is calculated annually based on the assessed value of the land and improvements. Upon transfer of ownership, the assessed value will be reset to the sale price which can result in a substantial change in the taxes assessed. Prop. 13 limits the general property tax to one percent (1%) of the assessed value, plus an amount for the debt service on any bonds approved by popular vote also referred to as mello-roos, 1915 Bonds and/or special assessments. Your adjusted base year value is property's base year value adjusted by an annual inflation factor, not to exceed two percent (2%) per year. KEEP THIS IN MIND • In most cases, property taxes are assessed based on the sale price, and most often, the sale price is consistent with other comparable homes in the area. However, consumers need to be aware that purchasing homes at deeply discounted prices, especially those that are heavily damaged, does not necessarily mean that the property tax assessment will be based on the sale price. In those instances, property taxes often will be assessed based on the value that the appraiser determines to be the full-cash value. If a buyer has to invest a significant amount of money into the property to make it livable, the amount invested often is added to the sales price to establish an accurate property tax assessment. • A separate measure, known as Proposition 8, allows a homeowner to request a temporary property tax reassessment, which can result in lower property taxes. This proposition is most-often employed by buyers whose home values have declined in the current market. However, Prop. 8 require that homeowners whose properties are reassessed must have the home reappraised each January, to determine the current home value and that year’s property taxes. Because the reduction is temporary, it only stays in effect until the property tax assessment is equal to the assessment the homeowner would receive under Prop. 13. Also, Prop. 8 does not limit the annual increase to 2 percent, which can result in the homeowner paying the same amount of property taxes in the long run, as if they had not received the reduction. Your tax rate will vary depending upon where the property is located. Please check with the county to verify the amount of property taxes you will be responsible for. It concerns me that you were not made aware of your property tax liability prior to the close of escrow on your property. It is the seller's responsibility to disclose to you any mello roos and 1915 Act Bond Assessments and Supplemental Taxes as required by California Civil Code Sections 1102.6b and 1102.6b. You should have received and signed a California Property Tax Disclosure Report during your escrow timeframe. Hope I helped even though this should have been made known to you prior to you taking ownership. Good luck! Diane Wheatley, Broker (909) 981-5589 ... more

1 vote • Flag • Thu Sep 18, 2008 • Home Buying in 92313

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