Home Buying in Santa Monica>Question Details

Kristi, Home Buyer in Santa Monica, CA

what is the property tax in california on a second home?

Asked by Kristi, Santa Monica, CA Thu Apr 19, 2012

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7
Bob Willett’s answer
Property taxes in California are 1% of the assessed value of a property. The initial assessed value of a property is the value of the property at the time of transfer -usually the sales price. The assessed value can be increased if the value of the home increases by up to 2% per year compounded. If the value drops below the initial assessed value it should be based on 1% of the actual value. If the value goes back up, the assessed value can go all the way back up the initial assessed value plus the 2% compounded.

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. That’s because in most areas the county tax assessor also collects other fees called “Direct Levies.” These is typically add up to between .15% and .25% in most areas, but it can be much, much more in some cases. I’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 homeowner’s exemption on your primary home. This lowers the assessed value by $7,000 saving you a whopping $70 a year. (Note* The Homeowner’s exemption – originally called the veteran’s exemption - was set at $7,000 back when an average home in California costs about $10,000.)
Web Reference: http://SacRELender.com
1 vote Thank Flag Link Thu Apr 19, 2012
Hi Kristi:

Property Tax in Los Angeles County is 1.25% of the sales price.

Good luck!

Kat
0 votes Thank Flag Link Fri Apr 20, 2012
Kristi,
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.
0 votes Thank Flag Link Fri Apr 20, 2012
Hi! Kristi...

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.

Jodi Summers
The SoCal Investment Real Estate Group
Sotheby’s International Realty
310. 392.1211
jodi@jodisummers.com
http://www.SoCalInvestmentRealEstate.com
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. – A Course in Miracles
0 votes Thank Flag Link Thu Apr 19, 2012
Hi Kristi,
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!
Best,
Susan Bo'ur Realtor
Coldwell Banker Santa Monica
(310) 600-4240
0 votes Thank Flag Link Thu Apr 19, 2012
Kristi:

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"
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

-Steve
0 votes Thank Flag Link Thu Apr 19, 2012
Property taxes in California do not change on the number of homes you own. They are tied to the home itself. You can base the amount roughly on 1.25% give or take.
0 votes Thank Flag Link Thu Apr 19, 2012
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