In general, Prop 13 set the property tax at 1% of the purchase price, and then the allowance to charge for local assessments. it's often estimated at about 1.25% of your purchase price. The actual calculation can be determined when reading your preliminary title report because all local fees would be identified there.
Each year it can increase an additional 2%. Your buyer's agent can help you understand this better. If they have not, then your escrow officer might be able to help in understanding the disclosure. It is described in both the preliminary title report, and also your Natural Hazard Disclosure report.
Sales Price X 1.25% = Annual Taxes divided by 12 = monthly taxes
Lyon Real Estate
Anna Maria Kitras
NAR Short Sale and Foreclosure Resource,SFR
Certified HAFA Specialist
When purchasing a home the property tax will eventually be based on the sales price. After this, it is based on the County Assessorâ€™s valuation (which can be challenged via a Prop 8 Appeal - see blog post below, also see the supplemental tax paragraph that touches on how the buyer "adopts" the seller's tax basis for a short time).
The truth of the matter is there are THREE classifications of â€œtaxâ€ that may be part of any purchase in CA, which you can read about here:
"Estimating Property Taxes in CA"
To get more exact answers.