Home Buying in 93551>Question Details

Heidi, Home Buyer in Sylmar, CA

Los Angeles Property Tax

Asked by Heidi, Sylmar, CA Wed Jul 16, 2008

Looking at buying a home in palmdale. The last sales price was 444000 and i am going to purchase for 200,000. My question pertains to tax at closing. Last year taxes were 7500, now that includes a mello roos and property tax. From what I can gather the tax will be adjusted and I will get a supplemental tax bill once its reassessed at the new purchase price. So at closing will I hav eto put in escrow the old tax amount or the new?

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Answers

3
The new. You are only responsible for the new property tax.

Good Luck!
1 vote Thank Flag Link Wed Jul 16, 2008
I agree the new SP is your liability. Be careful of foreclosures and S sales. They can be misleading as to the estimated amount. Property values in the Antelope Valley are in decline so you may be good with the SP of $ 200K used as the estmate.
Congrats on the new house!!!
0 votes Thank Flag Link Wed Jul 16, 2008
Hi Heidi,
This is an excellent question. I agree with the last answer that you will EVENTUALLY be taxed at the new MARKET VALUATION of the property. It may take the county awhile to correct your tax bill down to the market valuation. If this is a short sale or foreclosed home the tax assessor may determine the property vaule to be HIGHER than the cost price.
Good luck, Walter
Web Reference: http://ocnorth.com
0 votes Thank Flag Link Wed Jul 16, 2008
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