How much are property taxes in LA?
I am looking into buying my first house. I am wondering what kind of property taxes I will be paying on a $200-300,000 dollar home in the Santa Clarita Valley? I have heard of 2% of the selling price, that sounds reasonable, but in my home search some places have property tax information for 2008 and they are low priced homes in the $200,000 range and their property taxes are around $5,000!!! Why is this, is it because they are behind in taxes?
1.25% of the purchase price.
Eileen Lanza
Keller Williams Los Angeles
323.810.7935
eileenlanza@sbcglobal.net
Hi Jessica,
Both Linda and Joel are correct. The reason you are seeing homes listed $300,000 and their taxes are $5,000 is because the $5,000 was calculated on the last sold price plus the yearly increase. When you by a home today, the taxes which you will pay as part of escrow will be calculated on the prior sales price, once you close your home it will be reassessed at the new lower rate which will result in a lower tax bill. The good news is that after a few months in your home, you should receive a note from the assessor stating your new tax rate and also you should have a small tax credit.
Good luck on your home search and please call me if you have any other questions.
Fred Tazartes
(661) 755-5834
Hi, Jessica!
Your property taxes will intially be based on your purchase price, and then will be adjusted upwards on an annual basis if the Los Angeles County Assessor feels that property values are increasing in your area.
Generally property taxes are about 1.25% in the Santa Clarita area, but could be as low as 1.1% or as high as 1.5% or more if there are Mello Roos assessments in addition to the regular taxes.
If you're looking for more info on the Santa Clarita area, be sure to visit my blog at http://SantaClaritaRealEstateBlog.com.
Happy house hunting!
Linda
Property taxes are based on the appraised value and has nothing to do with sales price or listing price.
Your property tax due is composed of several parts, the part that is the Genral Tax Levy is limited to a maximum of 1% of the assessed value of your property and can be no more than 2% greater than the previous year's tax bill.
Go to this link below to read more FAQ's about California Property Tax.
http://www.californiataxdata.com/A_Free_Resources/faq.asp
What part of Santa Clarita are you looking at? Give me a call and I can assist you in your new home search.
Have you been pre-approved for a loan? I work closely with a Loan Consultant who can assist you in getting pre-approved.
Good Luck!
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