What I wanted to add was that you should also be aware that your property taxes will only increase by approximately 1-2% per year. Your property will not be reassessed until you transfer the property. There are various bonds & assessments that are on each tax bill but bonds must by voted on by the public to pass.
If you extensively remodel a property, you may be reassessed based on the improved value. This would be less likely to happen in a condo, it is most common when someone tears down an older home and builds new.
Our low property taxes and the fact that the property is not reassessed unless it is transferred is one thing that we have going for us in California. Other states property taxes are reassessed each year and vary a great deal by county.
I hope this helps, best of luck.
There aren't too many complexes in Santa Clara where you will find a condo for $200k. There are currently only 8 properties that are less than $200k. Most of these properties are in older complexes with higher HOA fees. The fees range from $270 to $350 per month. You also need to beware of any special assesments that might be pending in some of these older complexes. It isn't unusual for a homeowner to be hit with a bill for $5,000 to $10,000 because of extra maintanace issues that have come up in these older complexes. Issues that aren't covered by HOA reserves. Someone has to pay and it is usually the homeowners.
Use 1.25% of the purchase price to determine property taxes. So, on a $200,000 house/condo the property taxes would be $2,500.
The HOA fees are determined by the individual HOA's. They can range from $150 - $385.
Property tax in the city of Santa Clara is about 1.1% of the sale costs and there are some direct assessments according to the district or area. When you purchase the home those tax assessments are disclosed. The property tax is computed annually.
In your case I would estimate 1.25% for the property tax. At $200K the property tax would be $2500 a year or approximately $210 a month.