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 yearâ€™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 â€“ firstname.lastname@example.org
Many use 1.25% as a rough guesstimate in CA; however, if you want property-specific accuracy please see:
"Estimating Property Taxes in CA"
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