Property tax on new house

[priest]

Hello,

I live in central valley california. I bought my house in 1999 for $112000, it's now worth ~$350k. My property tax is ~$1200 per year. I'm considering selling and buying a new house that is valued between $400-500k. If I understand correctly, the property tax is based on the purchase price. I don't want to pay $4-5k tax per year. Should I stay put? Please advice. thanks.

kc

[HomeGuru]

Originally Posted by priest

Hello,

I live in central valley california. I bought my house in 1999 for $112000, it's now worth ~$350k. My property tax is ~$1200 per year. I'm considering selling and buying a new house that is valued between $400-500k. If I understand correctly, the property tax is based on the purchase price. I don't want to pay $4-5k tax per year. Should I stay put? Please advice. thanks.

kc

**A: the property tax is not based on the purchase price.

[CAlandlords]

Originally Posted by HomeGuru

**A: the property tax is not based on the purchase price.

In CA, yes, it pretty much is. Your property taxes will be 1% or 1.25% of the assessed value (depending on which county you purchase in) which 99.99% of the time the assessor uses the purchase price. So yes, your taxes will be between $4k-5k per year on a $400k-$500k home.

Paying it monthly along with your mortgage into an impound (escrow) account makes it easier to pay them, if you're not good about setting aside the money yourself each month.

[nextwife]

Originally Posted by priest

Hello,

I live in central valley california. I bought my house in 1999 for $112000, it's now worth ~$350k. My property tax is ~$1200 per year. I'm considering selling and buying a new house that is valued between $400-500k. If I understand correctly, the property tax is based on the purchase price. I don't want to pay $4-5k tax per year. Should I stay put? Please advice. thanks.

kc

Gosh, ONLY 4,000 property taxes on a house worth $400,000 is a GOOD deal from where I sit. I only paid $147,000 for my house in 96 (now worth about $340,000), and I'm UNDER-ASSESSED at $5300/yr.

[HomeGuru]

Originally Posted by CAlandlords

In CA, yes, it pretty much is.

**A: more fodder. Cite the CA ordinance that supports your position that the current property tax is based on the current purchase price of the house. Read the post again.

**************

Your property taxes will be 1% or 1.25% of the assessed value (depending on which county you purchase in) which 99.99% of the time the assessor uses the purchase price. So yes, your taxes will be between $4k-5k per year on a $400k-$500k home.

Paying it monthly along with your mortgage into an impound (escrow) account makes it easier to pay them, if you're not good about setting aside the money yourself each month.

**A: see above.

[CAlandlords]

Originally Posted by HomeGuru

**A: see above.

Exactly how many homes have you bought and sold in CA? How many buyers and sellers have you represented?? YOU are the one that does not know what you are talking about. Why don't you go call the assessor and ask him what he bases the property taxes on? The poster wanted to know about how much her taxes would be. My answer was helpful and accurrate.

If you think I'm so wrong, why don't you enlighten us all with the EXACT answer.

Get over yourself.