However if you look at a property tax bill, you will probably notice that you are paying a bit more than 1% of the assessed value. Thatâ€™s because in most areas the county tax assessor also collects other fees called â€œDirect Levies.â€ These is typically add up to between .15% and .25% in most areas, but it can be much, much more in some cases. Iâ€™ve seen direct levies that were MORE than the 1% tax when there are very high Mello-Roos assessments!
All of this is EXACTLY the same for any property in this state except that you probably have a homeownerâ€™s exemption on your primary home. This lowers the assessed value by $7,000 saving you a whopping $70 a year. (Note* The Homeownerâ€™s exemption â€“ originally called the veteranâ€™s exemption - was set at $7,000 back when an average home in California costs about $10,000.)
The property tax on property in California is based on the purchase price. We usually tell buyers to calculate it at approximately 1.25% of the purchase price. The actual property tax is 1% but there are additional amounts in each city based on the local bonds, etc.
In general, property taxes in Southern California are 1.25% of sale price > for residential and investment properties. Having said that, prices can vary according to city and county ordinances. For example, property taxes in the City of Santa Monica are 1.5% of sale price.
The SoCal Investment Real Estate Group
Sothebyâ€™s International Realty
License # - 01343854
We do not ask for what we do not have. We merely ask for what belongs to us, that we may recognize it as our own. â€“ A Course in Miracles
The previous answers are correct.
It doesn't matter how many homes you own. It's based on the sold price of the home your buying only. Rule of thumb is approximate 1.25% of that amount.
Hope this helps.
Have a great day!
Susan Bo'ur Realtor
Coldwell Banker Santa Monica
Jane is absolutely right.
Here's how you can determine the exact amount of property tax for an individual property:
"Estimating Property Taxes in CA"