Home Buying in Morro Bay>Question Details

Rfriedman, Renter in San Luis Obispo, CA

what are the realestse taxes grecs1 @ yahoo.com

Asked by Rfriedman, San Luis Obispo, CA Mon Oct 17, 2011

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5
California State Property tax is 1% and cities and counties have additional assessments that make the rate slightly higher.

For every $100,000.00 of the purchase price, you will pay about $1000.00 per year. So, a $300,000 home will be about $3000.00 per year. If your property value increases, the next year the county can increase your property tax by 5% of the previous year’s tax, which would be $3,150.00.

Keep in mind that property taxes, and interest paid can be deducted from your income tax, which is not a benefit you get when renting. If you have an income, you will probably discover that the cost of owning a home will be lower than renting. Plus, since prices are amazingly low, the chances are that the value of your home will increase significantly and in the future, you could sell your home for thousands of dollars more.

If you have any other questions about taxes, home value or would like help finding a home, please feel free to contact me anytime. 805-471-0828 – david@dnorwood.com
Web Reference: http://dnorwood.com
0 votes Thank Flag Link Tue Oct 18, 2011
Rfriedman:

Many use 1.25% as a rough guesstimate in CA; however, if you want property-specific accuracy please see:

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

The truth of the matter is that there a THREE classifications of "tax" that may be part of any purchase in CA.

Additionally, you might be interested in who customarily pays County/City transfer tax: http://docs.Steven-Anthony.com/ClosingCostsGuide.pdf

-Steve
0 votes Thank Flag Link Tue Oct 18, 2011
Both answers are correct estimates. For specific information about specific property I'd suggest going that, rather than the planning department site, you should visit the assessor's site.
0 votes Thank Flag Link Tue Oct 18, 2011
They would be .011 percent of the assessed value which will be most times the purchase price
0 votes Thank Flag Link Tue Oct 18, 2011
In general, property taxes are ~ about 1.01+/-% (across the county) plus and minus misc bonds and special taxes. Each area of the county and community will vary. Some up to 1.2%. Check SLO county web links below for more details you can go to the assessors site and get specific property details.
Web Reference: http://Www.sloplanning.org
0 votes Thank Flag Link Mon Oct 17, 2011
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