Home Buying in Long Beach>Question Details

power123, Home Buyer in Long Beach, CA

how much would property tax be on the average long beach apartment?

Asked by power123, Long Beach, CA Fri Jan 4, 2013

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In California, there is a law called Proposition 13. With Proposition 13, annual property tax on a real estate purchase of a single family residence is 1.25% of the Sales Price. For example, if you purchased a condo for 100,000 ,the annual property tax would be 1,250 per year. Luckily in California, the Property tax is based on the purchase price and will not increase as long as you live in home . The only way the property tax can increase is if additional square footage is added to the property and at that time the property value would be re-evaluated by the County Tax Assessor.
0 votes Thank Flag Link Fri Jan 4, 2013
Hi power123,

1.25% of the purcase price is a common "quesstimate"; however, your effective property tax bill actually consists of three separate levy categories: General Tax Levy, Voter Approved Indebtedness and Direct/Special Assessments. See:

"Estimating Property Taxes in CA"
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

-Steve
0 votes Thank Flag Link Fri Jan 4, 2013
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