Home Buying in Irvine>Question Details

John, Real Estate Pro in Orange County, CA

what is the real estate tax rate?

Asked by John, Orange County, CA Thu May 10, 2012

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John:
You can find the tax rate for any property in South Orange County by going to my website at http://www.Hunter-Broker.com.
I usually express taxes as the base rate (which is based on the assessed value, usually determined initially by the sale price) + the unchanging Mello-Roos and Special Assessments.

This means that the base taxes, usually 1%, vary with the assessed value of the property.
Special assessments are also taxes, but these are typically fixed, no matter what the property is valued at.

The third component of "taxes" is Mello-Roos lien payments, which payments are not taxes at all, but rather payments on a bond (debt) secured by the property.
The payment amount does not vary with the assessed value of the property. Some of these expire after a time (a time as long as 60 years!). Some of the newer ones, in Irvine, for example, NEVER expire!
These are NOT tax deductable, even though a lot of people DO deduct them for tax purposes.
However, the tax authorities are now finally getting the computer systems they need to detect and put a stop to deducting the Mello-Roos payments. Naturally, this increase the real, after-tax cost of Mello-Roos payments.

Because Special Assessments and Mello-Roos payments don't vary, it is more useful to talk about the base taxes (which DO vary with the assessed value) PLUS the non-varying part.

For example, I have a listing in Woodbury where I would describe the taxes as 1% of the value (probably the purchase price, initially) + $525 / month. This is less confusing than adding the amounts together and calculating an overall rate, because that rate would change, depending on the purchase price. My way is ALWAYS 1% x the assessed value + $525/mo.

This may all be "clear as mud".
If that's so, or if you are thinking of buying and would like THOUSANDS in Buyer Cash-Back when you buy, then check out http://www.Hunter-Broker.com, and give me a call at 949-278-1595.
Hope this is useful.
Terry
0 votes Thank Flag Link Thu May 10, 2012
You can find the tax rate of any property by going to the following link:

http://tax.ocgov.com/tcweb/search_page.asp

This will also tell you if a property your interested in has Mello Roos and what the bond amount is. I hope that you find this useful. If you need anything else feel free to contact me.

Lori Hanson
OC Homes Realty
714-585-5236 Cell
Estatepricing@yahoo.com
DRE 01405146
0 votes Thank Flag Link Thu May 10, 2012
Hello John,

It all depends on what section of Irvine you are speaking of.

You have to consider tax rate, Mello Roos, etc...

If you would like more specific information please forward me the area of Irvine that interests you.

By the way I disagree with the previous answers tax rates vary, in addition you would need to add Mello roos as mentioned, etc... City, by City,

Best,

Alex Vargas
Weichert Realtors
(714) 269-8774 Mobile
http://www.AlexSellsSoCal.com

AlexVargas2009@gmail.com
0 votes Thank Flag Link Thu May 10, 2012
The tax rate for Orange County is 1% which will be calculated on the selling price of a home when it is sold. There are also various taxes and bonds that may be included. A Mello-Roos bond may apply as well. You can view the all of the taxes on a property by visiting the Orange County Tax Collector's site at http://tax.ocgov.com/tcweb/search_page.asp.

There are other situations where the taxes may vary if the new purchaser is moving a tax assessment based on Prop 60 or 90, in which the tax rate of a previous residence may be moved to the new home.
0 votes Thank Flag Link Thu May 10, 2012
All property taxes in California are 1% of purchase price, then you would add on Mello Roos (if applicable) and other bonds. You can contact me with a specific property or the tax assessor.

Joe Homs
Wright Realty Partner
949-625-4533
0 votes Thank Flag Link Thu May 10, 2012
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