Hi-we're interested in finding a place in L.A. so we can be bi-coastal, is there an additional tax for second homes in California, like in NY?

Asked by Jill S., New York, NY Sat Jan 25, 2014

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12
Kathleen Bec…, Agent, Santa Monica, CA
Mon Jan 27, 2014
Hi Jill:

The only tax you would have to pay is the Property Tax, which you pay on any property you purchase. There is no additional tax on a 2nd home.

Feel free to contact me directly if I may be of assistance.

Good luck!

All the best,

Kat Becker, Realtor
Berkshire Hathaway

Feel Free to visit my website below which includes a FREE PROPERTY SEARCH!
0 votes
Hi Jill...Thanks for visiting my web site. I sent you several listings to look at...did you get my e-mail? Please let me know. All the best, Kat
Flag Tue Jan 28, 2014
Tom Bashe, Agent, Temecula, CA
Mon Jan 27, 2014
Hi Jill

There is no additional tax that I am aware of. Which areas are you interested in, as I have access to off market properties as well. Have a wonderful rest of the day and know that I'm here to help should you need my assistance!

Tom Bashe l Broker l SCA Real Estate l 951.547.0705 l Tom@SCARealEstate.com
0 votes
Dorene Slavi…, Agent, Torrance, CA
Sun Jan 26, 2014
Not that I am aware of but your loan will be different because this is considered a vacation property and not your primary residence. Consult your tax professional about taxes in New York and if they apply to California property.
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Jason Callaw…, Agent, LOS ANGELES, CA
Sun Jan 26, 2014
Hey Jill. Many of my clients through the years have purchased second homes/investment properties. As many replies suggest in this thread, you will find that it's standard practice for Realtors and other real estate service professionals to defer to your tax accountant for specific advice on taxes. You'll get your best advice from them as it is not our profession to give tax advice. Regarding sales/property taxes however, we can tell you that when buying in LA your property tax will be around 1.25% of the purchase price. As you may already know, your lender may charge different interest rates for your loan on a second home/vacation home/ investment property.

I am a 12 year veteran in LA and cover Santa Monica, Beverly HIlls, West Hollywood, Hollywood/Hollywood Hills, Los Feliz, Silver Lake, Downtown, and Palm Springs…among many others. I will be more than happy to help you figure out which area is best for you. Send me a private email should you choose to move forward with me. Best, J
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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Jan 25, 2014
Jill:

In California, there is a homeowner exemption on property taxes. However, it is only $7,000 off the value of the property or a maximum of $87.50 off the actual tax bill.

When you get to California, I would love to introduce you to the Los Angeles South Bay. The Palos Verdes Peninsula offers luxury living in a verdant environment, lovingly wrapped by the Pacific Ocean. With great golf clubs, tennis clubs, equestrian properties and views, views, views, it is a great place to come home to when you leave your primary home.

We also have the Beach Cities of Redondo Beach, Hermosa Beach, and Manhattan Beach. This area offers some of the most wonderful beach front properties. All these cities offer great dining, wonderful parks, water view properties, walking paths, etc. etc. etc.

The Los Angeles South Bay provides a more temperate climate than inland Los Angeles. I would love the chance to introduce you to this wonderful Southern California Gem.


Shel-lee Davis BRE #01817412 Real Estate Consultant International Real Estate Specialist - IRES® Senior Real Estate Specialist - SRES® Certified Home Seller Advisor - CHSA® Certified Home Buyer Advisor - CHBA® Member - National Association of Certified Expert Advisors - NAEA Certified Distressed Property Expert - CDPE® RE/MAX Estate Properties 424-2HELP12 (424-243-5712) myrealestateanswers@gmail.com
0 votes
Lee Fruchter, Agent, Glendale, CA
Sat Jan 25, 2014
As states are strapped for cash, they are figuring out different ways to tax their residents. It is best to consult with your tax preparer or CPA regarding buying a second property in CA. As REALTORS® we should not give tax advice to our potential clients. Just adding my .02 cents.

Regards,

Lee
Associate Broker
Pinnacle Estate Properties
Web Reference:  http://www.homesbylee.com
0 votes
Clint Lohr, Agent, Glendale, CA
Sat Jan 25, 2014
Hello Jill,
You will have to consult your tax preparer in New York as well as one here in California in case there are any tax laws that differ. Do you plan to rent either of the properties out while you are gone, and for how long? The tax people should be able to discuss possible deductions.
I will be more than happy to help you find a property here. Please call me at 818-730-8635.
Clint Lohr, Keller Williams World Media Center.
0 votes
, ,
Sat Jan 25, 2014
No. Property taxes in CA are roughly 1.25% of the purchase price. Let me know if you have any other questions.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
Brian Schwei…, Agent, Los Angeles, CA
Sat Jan 25, 2014
Hi Jill, If you need an agent to show you homes just give me a call 323-695-9598, I can easily send you listing information in the areas which may be of interest to you and make the buying process very simple. Brian Schweinhagen - Keller Williams. DRE#01837727.
0 votes
Bob Romanoff, , Los Angeles, CA
Sat Jan 25, 2014
Hi Jill,
There is no additional tax for purchasing a second home in CA. You will pay approximately 1.25% of the purchase price in real estate taxes, as is standard with all purchases in CA.. Should you wish to finance your purchase, however, you may have to pay an interest rate that is higher than one would pay on a loan for a primary residence.
As a former New Yorker, both living and specializing in Los Angeles's Westside, I would be happy to answer any further questions, and to be of any assistance that I can be.
i look forward to hearing back from you.
Regards,
Bob Romanoff
Partners Trust Brentwood
Direct- 310-500-3091
http://www.BobRomanoff.com
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Sat Jan 25, 2014
Hi Jill,
You should really consult with your CPA or tax advisor. I work in different parts of Los angeles. Feel free to contact me.

Thanks,
Sara Mehrpouyan
Rodeo Realty
Direct phone 818-903-2040
Email smehr818@gmail.com
Bre License #01712757

Get New Property Listings for Sale By Email here: http://www.newlosangeleshomesearch.com

Thinking of Selling Your Home? Get a FREE Home Value Estimate ONLINE here: http://www.GetLosAngelesHomeValue.com
0 votes
Darien Harre…, Agent, Beverly Hills, CA
Sat Jan 25, 2014
You may have to worry about an income tax if you choose to rent out the property. Contact me I may be able to answer any other questions you have darienh@nestseekers.com
0 votes
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