Real Estate Blog
Ah, California: land of sun, surf, and... property taxes? Indeed, while our great state offers many perks, property ownership also comes with its responsibilities. One of those responsibilities? Understanding your property taxes. Though it might seem overwhelming, with a little insight, you'll navigate this territory like a pro.
California property taxes hinge on two primary factors:
Assessed Value. This is the value of your property, determined by the county assessor. Usually, it's based on the purchase price when you buy the home.
Tax Rate. Typically around 1% of the assessed value, thanks to Proposition 13, passed in 1978.
This landmark legislation did a few major things:
Capped Rates. It set the base property tax rate at 1% of the assessed value.
Limited Increases. Annual assessed value increases were capped at 2%, regardless of how much your property's market value goes up. This provides homeowners with predictability in their property tax bills.
When you purchase a new home, or it undergoes construction, its assessed value can increase. The difference between the old and new values results in the Supplemental Tax Bill. Think of it as a "catch-up" for the current tax year.
Beyond the standard 1% tax rate:
Special Assessments. These are local charges for services beneficial to your property, like sewer or street lighting.
Mello-Roos. In some newer communities, homeowners might pay this tax for community services or facilities.
Certain homeowners qualify for exemptions:
Homeowner's Exemption. If the property is your primary residence, you could reduce your assessed value by up to $7,000.
Senior Citizens and Disabled Individuals. Some might qualify for tax postponements or transfers of assessed value when buying a new home.
Property tax bills in California come in two installments:
First Installment. Due November 1st, delinquent after December 10th.
Second Installment. Due February 1st, delinquent after April 10th.
Payments can typically be made online, by mail, or in person at your county’s tax collector's office.
Owning property in California is a rewarding venture. By understanding the intricacies of property taxes, you're not just paying dues; you're investing wisely in your Golden State future. Equip yourself with knowledge, and navigate the Californian property landscape confidently.
California property tax guide, Proposition 13 explained, understanding property taxes in California, and how are California property taxes calculated
An overview of California's top school districts based on 2023-24 rankings.
Unlocking the Importance of Home Inspections in California: Your Guide to a Wise Investment
Illuminate Your Holiday Season: Discover LA's Enchanted Neighborhoods
The Enigma of the Eternal Listings
Revealing the Golden State's Magic
Unveil the Many Avenues to Home Financing in California.
Dive into LA Coffee Culture
Let's Break Down the Ins and Outs of Property Taxes in the Golden State.
You’ve got questions and we can’t wait to answer them.