Rachel, Home Buyer in Hawthorne, CA

where can I get an idea of approximate property tax information for a home in Rancho Palos Verdes, CA.?

Asked by Rachel, Hawthorne, CA Wed Sep 3, 2008

I am looking at buying a house for about 600k the house is listed at 1700 sq ft incorrectly, it is closer to 1400 sq ft. the property is listed in records incorrectly as well at 15000 sq ft but is actually closer to 9000. Do I need to correct this with the city/county to get properly assessed? does anyone know how much the taxes would be per year on a property of this size and price in PV?

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As regards updating the public records as to the proper house and lot square footage, if you believe tha the square footage of the home is incorrect, you can call the local tax assessors office and they will come out to review the square footage calculation. My personal residence had an error in the square footage due to an incorrect calculation of square footage that was added in a previous remodel that was done prior to my buying the home, and a man came out and remeasured the addition and changed the assessors records.They also did not have the proper number of bedrooms recorded, and they corrected that as well.

As noted in my other answer, this had no affect on my property taxes, as property taxes are only calculated on the purchase price and the cost of subsequent improvements. When you pull a permit to remodel, the assessors office is informed and they will send you a questionairre requesting information about the remodel including its cost.
0 votes Thank Flag Link Mon Oct 6, 2008
The property tax rate for Rancho Palos Verdes for the fiscal year 2006-2007 was 1.048284% (computed by the standard 1.0% of the property's assessed valuation (in accordance with Proposition 13, a property's assessed valuation is the original purchase price, plus the cost of improvements, based on the value of permits pulled, plus an increase in valuation of 2% per year) plus additional tax rates for voted bonded indebtedness) plus direct assessments of approx. $400-$500 per parcel for such items as school parcel taxes, etc. For the current fiscal year, Rancho Palos Verdes passed a storm drain user fee which is based on the amount of runoff to the sewer system that a property generates, that for an average size lot will be approx. $86 per year.

Taxes are assessed for the fiscal year running from July 1st through June 30th, with property tax bills payable in two installments on December 10th and April 10th. If a property changes ownership during the year, a supplemental tax bill will be prepared prorating the tax increase due to a change in valuation over the remainder of the fiscal year. If a change in ownership occurs between January 1 and May 31 this will result in two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year in which the event occurred. The second supplemental bill is for the subsequent fiscal year.

To learn more about buying a home in Rancho Palos Verdes, visit my website at http://www.maureenmegowan.com/PageManager/Default.aspx/PageI… or for other informaiton about South Bay Real Estate including purchasing a home in one of the other cities on the Palos Verdes Peninsula, visit my award winning website http://www.maureenmegowan.com
0 votes Thank Flag Link Mon Oct 6, 2008
Rachel -

When you purchase a property, it will be reassessed by the LA County Tax Assessor using the sales price as the base. Your new property tax will be 1% of the purchase price plus any local bonds and assessments (usually averages another .0025 of sales price). On the Palos Verdes Peninsula (which includes Rancho Palos Verdes, Palos Verdes Estates, Rolling Hills and Rolling Hills Estates), we have an additional Palos Verdes Unified School District assessment of approximately $175 per year. Homeowners in the city of Palos Verdes Estates pay an additional Fire/Police assessment of approximately $500/year. The city of Rancho Palos Verdes also has a new storm drain assessment. The City of Rolling Hills has a Homeowners Association fee of $.20 per hundred of assessed value.

The potential conflict in the square footage of the home you are looking to buy is another issue. Your lender will require an appraisal (the appraiser will tape the house and state that square footage on the appraisal).
If there is a substantial difference in the square footage on your appraisal and the tax assessor's records, you may want to call the LA County Tax Assessor to get the square footage corrected (but it should not affect your property taxes as that is based on the sales price). In my experience, the Tax Assessor is usually correct on the lot square footage but the only way to confirm the square footage of the lot is to get it surveyed.

Please let me know if I can be of further assistance.
0 votes Thank Flag Link Thu Sep 4, 2008
Rachel
There are quite a few issues at play here.
I cannot go into it here, but you need the counsel of a Realtor and an attorney (potentially).

Contact me via my Trulia profile f you'd like assistance.
0 votes Thank Flag Link Wed Sep 3, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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I always figure my clients taxes at 1.25% of the sale price, I estimate a little high but it is more like 1.25%.
I need to know where you are looking for your conflict of information from, once I know where you are getting your information I can give you more advice. The difference of sq.ft. can affect your appraisal.
You can email me at mthomas@remaxpv.com for more help.
0 votes Thank Flag Link Wed Sep 3, 2008
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