Home Buying in Riverside>Question Details

kevin nguyen, Real Estate Pro in Riverside, CA

will property tax/assessed value drop if there is a sale involved?

Asked by kevin nguyen, Riverside, CA Sat Aug 4, 2012

in other words, I just bought and closed escrow a short sale house at 160k, that its assessed value in Riverside tax site at 202k, and tax rate is $2300 / year which is 1.14%, should I expect the tax drop to 160k*1.14%=$1820 per year for next year on?

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Thanks Graham for the answer I have been looking for
1 vote Thank Flag Link Fri Aug 10, 2012
Thanks Ron, so I should expect to see the tax bill less this coming Dec?
1 vote Thank Flag Link Sun Aug 5, 2012
Hi, this is such an interesting question, thank you for asking it. The tax assessment is based on the Assessor's valuation of the property, improvements and the area in which it's located, not on purchase price. For example, if I purchase a home in Woodcrest for $1, but it's current value is $300,000 according to the Assessor, that is what my property tax will be based on. When transferred, properties are reassessed and the new assessed value will appear on your property tax bill. You should have received this tax bill sometime in the last few weeks.
0 votes Thank Flag Link Sun Oct 21, 2012
I received tax bill for 2012-2013 and the assessed value is higher than the purchased price.
I bought the house at $160,000, and assessed value in tax bill is $184,000

I thought based on all anwsers here the new tax bill should reflect new purchsed price, am I missing some thing here?
FYI, the house was purchased & closed on May-01-2012
0 votes Thank Flag Link Thu Oct 4, 2012
Hi Investor 101,
Property taxes are paid on the purchased price. Check your closing statements and you should see that the property taxes ( which are part of the closing costs) are approx. 1% of the final sold price.
You will receive a statement from the tax assessors office indicating when taxes are due.
0 votes Thank Flag Link Sun Aug 19, 2012
You're welcome, happy to help. Let me know if you have any other questions.
And just an FYI... If you need service people for your new home (painters, gardeners, contractors, etc.) I have plenty of people that I recommend. Let me know!
0 votes Thank Flag Link Fri Aug 10, 2012
In Riverside your property taxes are based on the purchase price of the home. Because it takes time to update that info with the county, you generally pay at closing, based on the previously assessed value. If your assessed value is more, you will be sent a supplemental bill, if it's less, you will be sent a refund. Unfortunately, it seems that the bill always comes right away, but the refund takes a little longer.
The December bill should reflect your new assesed value, based on the purchase price. 
I hope that helps... and congratulations on your new home!!
0 votes Thank Flag Link Thu Aug 9, 2012
If you don't, send me a note, I've got some extra money.

0 votes Thank Flag Link Sun Aug 5, 2012
I cannot answer for Riverside County,
but I would bet that it's the same as Fresno:

The Escrow charged you 1 or 6 month's of taxes, based on the old tax rate.
You were probably given an ADVISORY about a SUPPLIMENTAL TAX, which told you that you would receive a NOTICE from the Assessor about a Tax change.
You probably will be paying less, based on the new selling price; but the adjustment will take a few months. You may even see a Credit.
If you are impatient, you can always go down there and ask them.

Good luck and congratulations
0 votes Thank Flag Link Sat Aug 4, 2012
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