Home Buying in 92604>Question Details

Marc, Home Buyer in 92604

what is the annual property tax on a 500,000 single family home in Irvine, Aliso Viejo and Lake Forest, CA ?

Asked by Marc, 92604 Fri Nov 26, 2010

Need this information to determine the true overall cost of home ownership in current market.

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Answers

17
Every home is different. Yes, there is a basic 1% levy but from there each municipality has various supplemental taxes that are either flat rates or percentages of the transfer value. The best thing you can do is look up the home online at http://www.imlrealestate.com/PropertyTaxLookup and determine what supplemental percentages and/or flat rate supplementals there are. Add all of the %s up (don't forget the basic 1% levy) and multiple this by the anticipated transfer value ($500,000 in your scenario). Add all flat rate supplementals (such as Mello-Roos) to this figure and you have a pretty darn good estimate of the property tax obligations for the given home.

(Had to correct spelling and grammar errors from my initial, hasty, response.)
3 votes Thank Flag Link Thu Apr 14, 2011
Every home is different. Yes, there is a basic 1% levy but from their each municipality has various supplemental taxes that are either flat rates or as a percentage of the transfer value. The best thing you can do is look up the home up online at http://www.imlrealestate.com/PropertyTaxLookup and determine what supplemental percentages and/or falt rates are. Add all of the %s up (don't forget the basic 1% levy) and multiple this by the anticipated transfer value ($500,000 in your scenario). Add all flat rate supplementals (such as Mello-Roos) to this figure and you have a pretty darn good estimate of the property tax obligations for the given home.
2 votes Thank Flag Link Thu Apr 14, 2011
Hi Marc,
http://www.octaxcol.com/PropertyTaxSearch/PropertySearch.aspx

This is where you can put in an address and get the info you need. They really vary from city to city especially with the mello roos. Hopes this helps you out!

Connie Bramble
Prudential CA Realty
714-337-8718
2 votes Thank Flag Link Fri Nov 26, 2010
Property taxes in California are determined by tax basis for any particular property, and that would be the assessed value. According to Proposition 13 and California constitutional law passed by voters in 1978, property taxes are one percent of assessed value per year. Assessed value can be restablished and go up by no more than 2 percent each year by the county assessor.

If you are buying a home at Irvine or anywhere in Orange County for $500k, the assessed value will probably be that amount, so your ad valorem annual property taxes would be $5,000. There are other special assessments depending on location of the property, such as Mello Roos, school district, mosquito abatement, etc.

For detailed information on property taxes at Orange County, California, see the Orange County tax collector web site at http://tax.ocgov.com/tcweb/search_page.asp. You can there put in the address for any property in Orange County and find out current assessed value and property taxes. I hope this helps.

Harrison K. Long, REALTOR and broker associate, Coldwell Banker Residential Brokerage, Irvine, CA. 949-854-7747. ExploreProperties@gmail.com.
1 vote Thank Flag Link Fri Nov 26, 2010
Hi Marc,

If you are working with an agent, they should have that information for you when you go look at properties. There is a base rate of 1% in Orange County and then there are other assessments and bonds added to that....I normally tell my clients to figure 1.1% of the purchase price and they will over estimate a bit.

Some homes will then add Mello-Roos tax as well....most of Irvine does not (the newer homes/townhouses do), the older sections of Lake Forest does not either....althought Portolla Hills and Foothill Ranch will. and Aliso Viejo has it throughout.

Mello Roos is a flat amount so you will pay the same dollar amount as the previous owner. It is shown on the tax bill so your agent can easily get this information for you.

You also need to consider the association dues in cost of ownership...some of the newer areas have much higher association dues and unlike property taxes, these are not tax deductable....so remember this in evaluating the overall cost of ownership also.

Karen
0 votes Thank Flag Link Thu Apr 14, 2011
Marc
There are many different tax rates throughout the City of Irvine. This is your best resource...
http://tax.ocgov.com/tcweb/search_page.asp
Type in the property address you are curious about and review their tax bill. You can then hit the "details" button for a breakdown on the exact rate, mello roos, assessments, etc..
Let me know if you have any questions.
Web Reference: http://www.ochometalk.com
0 votes Thank Flag Link Sat Dec 18, 2010
Marc,

The base tax rate for most of Orange County is just above 1.0%, however some areas in Irvine, such as Woodbury have much higher property tax rates due to Mello Roos. I would advise you to work with a realtor who will help you do your due diligence to see what the current property tax rate and Mello Roos is for a property.

Scott Aubin
Realty Executives
714-878-5040
aubinteam@gmail.com
0 votes Thank Flag Link Thu Dec 2, 2010
Dear Marc: Property tax is about 1.1-1.25% Some areas do have Mello Roos and monthly associations.
Please let me know specific area in Irvine ,Lake Forest or Aliso viejo I could be more specific. Guita Amiri 949-823-1805 or guitamiri@yahoo.com Thank you
0 votes Thank Flag Link Wed Dec 1, 2010
HI Marc,

Property tax for Orange County 1.0 to 1.2 and the lender you would be working with would give you this information which would be a good faith estimate. This is also calculated by escrow once an offer is accepted and depends on when it will close. For Irvine, there are homes that have Mellos Roos and some that don't typically it depends on the age of the home, as the same for Lake Forest. Yes Aliso Viejo has Mello Roos. I counsel the buyers I work with about these very things. If you would like the information and more in detail let me know. ingridski2@yahoo.com 949.874.0432 Good Luck Marc !
0 votes Thank Flag Link Tue Nov 30, 2010
Marc,

In lending, what we use as a percentage on a GFE for a purchase loan is 1.25%. Usually, this is a tad high. Although, not exact, you will be very close using this number for most properties in Orange County.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Mon Nov 29, 2010
Hello Marc;
I see you have enough answer regarding your question. Yes they are all correct 1.1% in Irvine and Mello Roos is one thing you would not know the percentage unless you have the actual property or the community you are interested in since that varies. The new the community the higher the Mello Roos. Some area in these three cities may have no Mello Roos.
Shadi Kian
Broker
0 votes Thank Flag Link Mon Nov 29, 2010
Property tax varies from one area to another. There is the base tax of 1 to1.1%, and supplemental taxes such as Mello Roos in certain areas, mainly newer communities buily from around the late 1980's.
The supplemental tax varies from one tract to another .
If you need more info please feel free to contact me.

Nick singh
nicksingh1@cox.net
949-768-1330.
0 votes Thank Flag Link Sat Nov 27, 2010
Property tax in O.C. are just a hair over 1%, but you'll want to be aware of any supplemental taxes which are levied over and above the base tax rate. Your real estate professional can assist you in finding that information.

Cheers,

Cameron
0 votes Thank Flag Link Sat Nov 27, 2010
Hi Mark,
The rate in Irvine is around 1.1% of the purchase price, but some areas like Columbus Grove and newer areas are much higher. Also mello roos and association dues are also two more factors to be considered in the sale. If you would like, you can email me about the areas you would like and I will be happy to send you the information about specific areas you choose.
Thanks,
Fran Vafaie
949 929 4908
FranRealtor@mail.com
0 votes Thank Flag Link Fri Nov 26, 2010
It's a safe bet to just multiple the purchase price by 1.1% the only variation to this depends on the individual neighborhoods you're looking in & whether or not they also have a Mello Roos tax, which could turn this calculation into as much as 2% of the purchase price due in taxes per year.

If there are certain neighborhoods you're interested in, you can email me to let me know which ones they are & I can check for you to see if there are mello roos on top of the basic property tax OR you can use a site like Realtor.com & possibly they have that kind of information on ea. listing sheet. I'm not sure.

Alternatively you can go to my website & sign up for a Listingbook account & search the neighborhoods you like on your own, you'd be searching the MLS, just like I do, each listing sheet will tell you if there are Mello Roos or not.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Fri Nov 26, 2010
Hi Marc

Of course this information is available to you for each home as Terry mentioned. But an approx tax rate for each city is as follows:

Aliso Viejo approx 1.119 and most areas also have Mello Roos Tax.
Irvine from 1.004 some areas have Mello Roos
Lake Forest 1.06 only a few areas have Mello Roos

I hope that answers your question Marc. Let me know if my team can be of any assistance to you in the future.

Thanks

Gillian 949 310 4862
Team MGM
0 votes Thank Flag Link Fri Nov 26, 2010
Mark:
You can find out the tax and Mello-Roos (if any) for ANY home in South Orange County by going to my website at USRiviera.com. While you're there, you can also find out which High School, Middle School, and Elementary School serves ANY home in South Orange County.
And, you can also find out about my Buyer Cash-Back on ANY home in South Orange County, too! :-)).
It's worth thousands
Terry
Web Reference: http://www.USRiviera.com
0 votes Thank Flag Link Fri Nov 26, 2010
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