Rentals in Irvine>Question Details

xyzhang99, Home Owner in Irvine, CA

How much the property tax is going up when the condo house is as rental property in orange county?

Asked by xyzhang99, Irvine, CA Sun Dec 8, 2013

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Sylvia Jonathan’s answer
Initially, the property tax is assessed at the time of purchase and based as a percentage of the purchase price. In Orange County it is 1% of the price. After that, taxes will increase 2% each year, If there is a significant market shift that devalues the property, the assessed value could be TEMPORARILY lowered to the market value. When the market value improves, the assessed value goes back up to its previous level.
0 votes Thank Flag Link Mon Dec 9, 2013
Your resident get you $7,000 per year exemption. It is depending the location of it. It is $70 to $100 per year and is not much. Call Shane 949-400-4677 for your real estate needs. I will work hard.
0 votes Thank Flag Link Sun Dec 8, 2013
Not sure what you're asking here, but let me guess, and then answer that question.

If you are converting the use of a property you already own from a personal residence for you to a rental, then your taxes will not increase at all, except for the small increase when you can no longer claim the $7,000 Homeowner Occupant exemption. This is only 1% x $7,000 = $70/year... hardly worth talking about.

If you are considering buying another property (that you do not currently own, obviously) as a rental, then taxes might go up or down, perhaps dramatically. You can find out by going to Hunter-Broker.com and selecting the "Taxes" menu item to calculate this.

Hope this helps,
Terry Hunter, MS
0 votes Thank Flag Link Sun Dec 8, 2013
It won't increase at all, since renting out your home is not a trigger that increases ones property taxes. Some triggers that do increase taxes would be: an annual increase in your assessed property value, pulling a permit for a room addition, or being the buyer of a new purchase.
0 votes Thank Flag Link Sun Dec 8, 2013
Xuzjamg99,

Property taxes are based on one percent of purchase price and being a rental has nothing to do with it.

Joe Homs, Realtor
Web Reference: http://Thehomsteam.com
0 votes Thank Flag Link Sun Dec 8, 2013
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