Home Buying in 92028>Question Details

karensoffice, Home Buyer in Fallbrook, CA

why would a 92028 property that is selling for over $750,000 have only about $150 in property taxes?

Asked by karensoffice, Fallbrook, CA Thu Jan 3, 2013

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13
karensoffice:

Prop 13 only controls the rate of annual Property Tax increases. Sounds like you are more interested in Props 60, 90, and 110.

There are actually THREE CA Propositions that allow transfer of tax base. In fact, there are special circumstances that not only allow some to transfer tax base TWICE, the replacement property may be 110% of the sale price (see page 2 of the linked document below).

PROP 60 provides for the transfer of a base year value from a principal residence to a replacement dwelling within the SAME County by a homeowner age 55 and over.

PROP 90 authorizes County boards of supervisors to adopt ordinances allowing base year value transfers between DIFFERENT counties. As of 2/15/10 (confirm current status before taking any action) only the following eight counties in California have an ordinance enabling intercounty base year value transfers:

Alameda, Los Angeles, San Diego, Santa Clara, El Dorado, Orange, San Mateo, Ventura

Now, generally, a person can use Prop 60 or 90 only once. However, PROP 110 provides the sole exception where a person first received relief for age and then subsequently the claimant or claimant's spouse became severely and permanently disabled and has to move because of the disability.

Prop 110's Section 74.3(b) extends Prop 60 & 90 to "... any person who has a physical disability or impairment, whether from birth or by reason of accident or disease, that results in a functional limitation as to employment or substantially limits one or more major life activities of that person, and that has been diagnosed as permanently affecting the person's ability to function, including, but not limited to, any disability or impairment that affects sight, speech, hearing, or the use of any limbs."

Whatever you do, please consult a tax/financial/estate planner before making your final decision!

You can read much more about the three propositions here: http://docs.Steven-Anthony.com/Prop60-90-110.pdf

-Steve
1 vote Thank Flag Link Thu Jan 3, 2013
The tax bill currently on the property is based on Prop 13. There are several ways this could happen... but the real issue is that if you purchase the property... your tax bill is going to be based on the purchase price or fair market value.
0 votes Thank Flag Link Fri Mar 22, 2013
Typo... I can't imagine any other explanation!
0 votes Thank Flag Link Thu Jan 3, 2013
Typo... I don't see another logical explanation!
0 votes Thank Flag Link Thu Jan 3, 2013
Steve gave a great answer on the prop 13. I did not see his response when I answered. Sorrry!
0 votes Thank Flag Link Thu Jan 3, 2013
Karensoffice,
Here is a link to look at any San Diego County property for tax information-from a county site-below. Click on search or pay online box...
Hope that helps on the tax question.

You also mention prop 13. Presumably, you are referring to prop 60, for California owner occupied property, where one owner is at least 55. You can transfer your tax base to a home of equal or lower value within + or - two years. There is even an inflation help of 5% or 10% depending on when you take the transfer. Prop 90 is the one that allows the transfer between some counties and yes, San Diego accepts the transfer from other counties. Just in case you didn't know, prop 110 (for disabled folks) can be used with out any age restrictions and it is the only way to do another property tax transfer after using prop 60/90 previously.
Hope this information helps too. Fred
0 votes Thank Flag Link Thu Jan 3, 2013
It just doesn't compute:
If the original buyers bought it many years ago for $12,000, and were locked in by Prop 13, then they would have $150, all these years!

But that's the only way.
0 votes Thank Flag Link Thu Jan 3, 2013
Hi karensoffice,

I agree it sounds quite low. The process for determining the construction of a property tax bill for an individual property is covered below:

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

-Steve
0 votes Thank Flag Link Thu Jan 3, 2013
Fred, thank you for your input. We currently own a home in LA county with prop 13. Aren't we able to move to SD county, using our prop 13, only once in our lifetime, right?
0 votes Thank Flag Link Thu Jan 3, 2013
Hi Karensoffice.
The answer is "yes". San Diego County accepts mostly all other counties with regards to Prop. 60 and 90.
If you or your spouse who resides with you is age 55 or older, you may buy or construct a new home of equal or lesser value than your existing home and transfer the trended base value to your new property.

This is a one-time only benefit. You must buy or complete construction of your replacement home within two years of the sale of the original property. Both the original home and the new home must be your principal place of residence.
I hope this helps.
Flag Thu Jan 3, 2013
Hello.
Not sure where the number came from, but in North San Diego County you can calculate taxes very close by using the multiplier of 1.25% against the SOLD price point. In this case a home SOLD at $750,000 would have property taxes of $9,375.00 per year.
Should you have any further questions, contact me.

Regards,

Fred Buffo
760-728-8855
0 votes Thank Flag Link Thu Jan 3, 2013
property is at 1152 Knoll Park Lane, Fallbrook, CA 90028
MLS #130000050
Flag Thu Jan 3, 2013
Good afternoon,

The numbers do not seem correct. We will be able to help you further if you can provide an address or MLS number.

Thank you
Traci Jo
0 votes Thank Flag Link Thu Jan 3, 2013
What is the property address you are talking about?
0 votes Thank Flag Link Thu Jan 3, 2013
It wouldn't. What property are you referring to?
0 votes Thank Flag Link Thu Jan 3, 2013
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