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.
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
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.
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 firstname.lastname@example.org for more help.