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<blockquote data-quote="Been In Brown Too Long" data-source="post: 3589446" data-attributes="member: 32249"><p>No.</p><p>California's property tax rate is 1%. Then you add in special bonds and assessments that my county voted in. My rate is 1.5%.</p><p></p><p>Prop 13 means you pay tax based on your purchase price, not current value. The state is limited to a 2% value increase per year. I've lived there 18yrs, so they can only assess my homes value at +36% while the true value is +311%. $225,000 + 36%= $306,000 x 1.5% = $4590. My $225,000 was rounded up, it was $222,something, I don't remember off the top of my head. As far as the state of CA is concerned, my $700k home is only worth $306k. I know everybody likes to think taxes are soooo high in CA, but prop 13 keeps things in line. Yes, taxes will be high for the guy that buys a $700,000 house.</p><p></p><p>You quoted my post, but did not read it fully.</p></blockquote><p></p>
[QUOTE="Been In Brown Too Long, post: 3589446, member: 32249"] No. California's property tax rate is 1%. Then you add in special bonds and assessments that my county voted in. My rate is 1.5%. Prop 13 means you pay tax based on your purchase price, not current value. The state is limited to a 2% value increase per year. I've lived there 18yrs, so they can only assess my homes value at +36% while the true value is +311%. $225,000 + 36%= $306,000 x 1.5% = $4590. My $225,000 was rounded up, it was $222,something, I don't remember off the top of my head. As far as the state of CA is concerned, my $700k home is only worth $306k. I know everybody likes to think taxes are soooo high in CA, but prop 13 keeps things in line. Yes, taxes will be high for the guy that buys a $700,000 house. You quoted my post, but did not read it fully. [/QUOTE]
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