As a first time home buyer in California, you will need insights into the property taxes expected of you by the state.
What property taxes do you pay in California?
Property buyers in California pay different taxes and charges. The real estate taxes and levies include:
• 1 percent real estate valuation taxes
• Taxes to pay for the California for bonds and voter–approved debts
• Property assessments taxes
• Mello–roos taxes.
• Parcel taxes
How do I know the exact taxes for my real estate?
The local county assessor's office or real estate agent can determine the property tax levy for you. In San Francisco, for instance, as of 2016, the total the property taxes and the voter-approved taxes is 1.159 percent.
How do I calculate my real estate taxes in California?
Multiply your new home's price by the property tax rate in your county. When you buy property priced at $500,000 in Francisco, multiply $500,000 by 0.01159. Your yearly property taxes would amount to $5,795.
For more information or if you need assistance in calculating property taxes, Vahe Hayrapetian and his team of professionals can help. Check them out on Facebook to know more.
References:
http://homeguides.sfgate.com/calculate-california-property-taxes-newly-purchased-home-2875.html
http://www.californiataxdata.com/a_free_resources/faq.asp
http://www.lao.ca.gov/reports/2012/tax/property-tax-primer-112912.aspx
http://www.sacbee.com/news/politics-government/capitol-alert/article48004310.html
With over 18 of experience in the industry, Vahe Hayrapetian has been the go to source for top realtors and home buyers for the financial aspects of owning your dream home. Vahe and has team have been able to generate the best rates and most convenient process for home owners to own their home in every market.
