There are additional voter initiatives collected with the property tax like LA County Fire Department Fund, LA West Mostiquito Abatement Fund, Flood Control Fund, Trauma/Emergency Service Fund, County Park District Fund, County Library Fund etc. The fund and the amount collected is shown on your tax bill.
Generally this is about 0.25% for Westside properties. It varies from area to area. I believe Culver City might be a little lower. In any event the total tax collected is approximately 1.25% of the purchase price.
Property tax is billed once a year for the tax year July 01 thru June 30. The bill itself is sent out around October. The first payment is due November 01 with a grace period to December 10. The second half is dueFebruary 01 with a grace period to April 10.
There is a good selection of condos available in Culver City.
In the Fox Hill Mall area there is The Kensington, Cambridge House, Fox Gate and Heather Village, These are mainly condo conversions meaning they were built as apartments and converted to condos.
In the area near the Sony Studios are the gated developments of Tara Hill On Indianwood Road and Hollow Corner Road, Lakeside Villas on Maytime Lane, Lakeside Village on Summertime Lane.
I can set you up on an auto-notification which will show all the units available in Culver City as they come on the market.
Go to my website.
All the best!
Property taxes are roughly 1.25% of the purchase price (market value). So at $450,000 the taxes would be about $5,625/yr or $470 per month. Generally HOA fees cover fire insurance, earthquake insurance, and liability insurance, but not much else. You have to check with each HOA, because the type and level of coverage differs vastly.
You would need to get insurance for the contents of the unit. The individual insurance would need to be for fire, earthquake, and loss from theft. It is also wise to get liability insurance, in case someone hurts themselves on your property.
Depending on the type of loan you get, the mortgage insurance will differ. The best way to determine this is to make sure that you speak to a mortgage professional prior to looking for a home. Then make sure that your Realtor is aware of your home needs and financial constraints.
Let me know if you need a referral for a mortage professional.
You can certainly find a condo in Culver City for $450,000 and I would be happy to help you find one.
Yes I believe $200 is a good ballpark figure for PIMA payments if you need to go that route.
Each HOA has a different policies and so it would be up to you, when you review your Associations policies, prior to the close of escrow, to make sure your OK with the coverage. Earthquake is of course the major concern given its high expense is usually reflective of the HOA fee.
Stewart L Fournier
Agent for BSA Realty
Property taxes are 1.25 %of the purchase price. The HOA's do cover earthquake insurance in one of the developments . I have a link on my website to Raintree with contact information for more detail.
Typically, HOA dues cover insurance and maintenance for the common areas. Some, not all, complexes have earthquake insurance, basic cable television, etc.
For more details, please contact me as I am a Culver City condo specialist and have lived int he area for 9 years.
Keller Williams Realty