Home Buying in Los Angeles>Question Details

michael, Home Buyer in Los Angeles, CA

If I buy a condo in Los Angeles, what is the property tax rate? Suppose I purchase a $500,000 condo, how much tax should I pay when I buy it?

Asked by michael, Los Angeles, CA Tue Jun 25, 2013

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We have Mills Act loft in downtown LA. This year our property taxes doubled. The new bill states property now worth$123000. With the adjusted taxes we are paying about 1.25 percent which is normal property tax rate and not reduces rate for Mills Act. Aconite assessor no help. Any ideas who to contact further?
Thanks
Teresa
0 votes Thank Flag Link Wed Mar 23, 2016
Not much more to contribute here! Emily below is the best answer.
0 votes Thank Flag Link Wed Jun 26, 2013
Tax rates are about 1%,but there are a lot of add on fees ,for schools ,library, flood control ,etc . you name it .watch out for mello roos it can take up taxes quite a bit . So plan on 1.25 + mello roos if applicable .Good Luck !
0 votes Thank Flag Link Tue Jun 25, 2013
Michael,

The safe estimate is 1.25%. On a sales $500,000.00 property tax =$6,250.00 per year and $520.83 per month. Include in your monthly:
- Mortgage (principal, interest)
- Property Taxes
- Monthly Homeowner Fees
If considering condominium check the Homeowners Reserves and if project has any special assessments. If I can be of assistance

Gail Mercedes Cole
EXP Realty
310.853.9933
http://www.westlaestates.com/
0 votes Thank Flag Link Tue Jun 25, 2013
Hi Michael,

1.25% is widely used; however, this really depends on the individual property - there are actually three types of tax that can apply on any specific property.

If you want to confirm accuracy the process of investigation for determining the construction of your tax bill for an individual property is covered below:

"Estimating Property Taxes in CA"
http://tinyurl.com/bjjledz

You also might be interested in who "customarily" pays Escrow/Title/County/City transfer taxes (always negotiable by the way): http://docs.Steven-Anthony.com/ClosingCostsGuide.pdf

-Steve
0 votes Thank Flag Link Tue Jun 25, 2013
I know you're getting a few different answers here

BUT

Although if you get pre-approved through a major lender like BofA, Wells Fargo, Chase or the like, they automatically have it in their system when they're giving you a Good Faith Estimate to figure your taxes safely at 1.25%, it ends up being a "safe estimate on the high side", when actually your taxes are figured in LA county at 1.1% & a few tenths.

When I do estimates for my own buyer clients, I say, "figure it at 1.1% of your total purchase price".

If there are Mello Roos, then that is an extra 'flat rate tax' as a bond for as many as 30yrs after a home was built, off hand I don't know any areas of LA county that have Mello Roos, these are more apparent in areas in San Bernadino or Riverside counties, some parts of South Orange county have Mello Roos too.

Although Mello Roos are a flat tax bond, some will say " in this area, figure it as though your tax rate is at 1.8% of your total purchase price."

Please shoot me an email directly or give me a call if you'd like to talk to me some more about property tax, Don't post a response back on this same Trulia posting, I don't look back for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
0 votes Thank Flag Link Tue Jun 25, 2013
Hi Michael:

The property tax rate for Los Angeles County is 1.25% per $1000 of the sales price. If you were to purchase a condo at $500,000, your property taxes would be $6250.00 every year, however, property taxes are traditionally broken up into two payments, so your payments would be $3125 every 6 months. And if you were to have an impound account attached to your mortgage, meaning that they would collect your property taxes and insurance every month along with your principle and interest payments for your mortgage...they would break up the $6250 into 12 monthly payments every year.

I hope this answers your question.

Good luck!

All the best,

Kat
0 votes Thank Flag Link Tue Jun 25, 2013
Hi Michael,
Property taxes are approximately 1.25% of your purchase price. So, on a purchase of $500,000 taxes are aortic $6,250 per year.
Please let me know if you have any other questions or would like me to send you available properties.
Susan@SusanBour.com
(310)600-4240
0 votes Thank Flag Link Tue Jun 25, 2013
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