Home Buying in 94089>Question Details

Dg, Home Buyer in Sunnyvale, CA

what is property tax charged on?

Asked by Dg, Sunnyvale, CA Thu Mar 26, 2009

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Property Tax is charged on a two things. The first is the value of the land and the second is the value of the improvements or the structure on the property. If your buying a new home the tax is on both the land and the home which totals the total cost of what you paid for the property. The tax is 1.25 per thousand.
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1 vote Thank Flag Link Thu Mar 26, 2009
I always calculate property taxes for Santa Clara County to be 1.25% of the new purchase price. If you divide that by 12 you can figure your monthly cost if you do an impound/escrow account with your lender. Here's the link to the County Assessors office: http://www.sccgov.org/portal/site/asr/
There's more prop tax info there.
If you are purchasing a bank owned home, you also want to check to make sure that back prop taxes are not owed on the property. Although the standard CAR purchase agreement calls for fair prorations to be made in escrow, I always write it into the purchase contract anyways. Don't want my buyers to get stuck paying old property taxes. A lot of the bank owned foreclosures are behind in prop tax payments. To check an address you can utilize this website: http://payments.scctax.org/payment/jsp/histSecured.jsp
0 votes Thank Flag Link Fri Mar 27, 2009
In Santa Clara county your property tax is approximately 1.1% on the value of your property. In addition to that 1.1% you have assesments, those assessments will vary by area. Homeowners in Sunnyvale will have slightly different assesments than homeowners in Santa Clara.

When you purchase a home the seller must disclose the assesments the he or she pays. The value of your property has little to do with the with the value of the land or structure, but the price your paid for your home. If your value declines you can file a temporary Prop. 8 review however, that will not change whats refered to as your Prop. 13 value, that will always remain the same.
0 votes Thank Flag Link Thu Mar 26, 2009

Property tax is computed at $1.25 per thousand dollars of the purchase price of the property. As an example, a home that cost $400,000.00 would have yearly property taxes of $5,000.00 a year.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Thu Mar 26, 2009
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