Each property tax is based on the amount of the purchase price. Basic tax is 1% plus several small add ons that vary from town to town. Maximum the tax can increase is 2% per year. As a lender, we us 1.25% of the purchase price to estimate the annual taxes. The 0.25% is to cover the add ons such as mosquito abatement, school bond measures, sewer and water pipe replacement etc; the mesures you voted on at local elections.
Please call me anytime you have a lender question. 415-258-1691.
Larry Martinez - http://www.MartinezLoans.com
You may be reading about homeowners who bought at the peak of the market applying to have their home "re-assessed" to lower their tax bill.
The overall property tax rate in Marin is approximately 1.25% of the sales price of a home. The easiest way to calculate the property tax rate is to multiply the sales price of your home by .0125 and that will give you the approximate overall property tax that will be owed on the property for the year. A property is reassesed in California every time it is sold due to prop. 13.
Please let me know if I can be of any more assistance to you.
Frank Howard Allen Realtors