Property Q&A in 96122>Question Details

Luke, Other/Just Looking in San Jose, CA

I property taxes based on the selling price of the property even if it is substantially lower than the original assemenrt? In Portola, Ca

Asked by Luke, San Jose, CA Tue Jun 14, 2011

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The property tax is approx. 1% of the purchase price.
0 votes Thank Flag Link Mon May 27, 2013
Luke: Yes

However, there's a delay between when you close escrow and when your property tax "rebalances", which you can read about below (be sure to read about tax-lowering Prop 8 as well):

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

Best, Steve
0 votes Thank Flag Link Tue Jun 14, 2011
You can fight this by providing a written statement from a broker stating what their opinion of value is on your property. There is an application you can obtain from the assessor's office to substantiate your claim of a lower value, as well.
0 votes Thank Flag Link Tue Jun 14, 2011
I meant to add an example, so if you buy a home for $75,000 that has special assessments of $371 ever year, and you are not eligible for any exemptions, then your annual taxes would be $750 (1% of the sales price) + $371 = $1,121/year.

So I'd first find out an address you are interested in in Portola, check out the assessed value with that link, then call up the treasurer's office and get a breakdown of the taxes sent to you, check out the exemptions (they are listed on the assessor's website), and then you will be able to calculate the exact annual property taxes on that home given $X sales price.
0 votes Thank Flag Link Tue Jun 14, 2011
I can't say for Portola, CA specifically - but in California there is a "basic levy rate" which is 1% of the assessed value for the annual taxes. The assessed value everywhere I've checked immediately after a purchase of an arms length transaction was the agreed upon sales price, minus any tax exemptions the homebuyer qualified & applied for. Then there are special assessments, which are fees from anything from the local water district to the school district to even large improvement assessments like facilities/Mello-Roos (which looking at Portola, CA on a map I doubt there'd be any Mello-Roos). Many county's have websites to check online assessments & tax bills for specific addresses/parcel #'s, but I only found Plumas County assessor lookup site, as their treasurer department says tax bills are not available online.

http://www.countyofplumas.com/index.aspx?NID=102 has the link to check assessed values in Plumas County. You can call up the county treasurer office and ask what property taxes are for a specific property and they'll fax you the breakdown so you can see the basic levy rate along with any special assessments. http://www.countyofplumas.com/index.aspx?nid=95 is the link to the Plumas County treasurer/tax collector.
0 votes Thank Flag Link Tue Jun 14, 2011
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