“Hi Gary. I’m from New Jersey, which has the highest property taxes in the country. I’m living here and looking to purchase a home and I want to know how much are property taxes?”
Answer:
California’s Proposition 13 limits your property taxes to 1% of the assessed value + voter approved local bonds, all totaling just under 1.2%.
This makes your monthly property taxes easy to calculate: approximately 1/10 of 1% per month. For example, a home purchased for $600,000 has approximate taxes of $600/month.
Note #1: The assessment can go up 2% per year. It can also go up if you improve the home and the county reassesses it. It can go down if home values fall, as they did in the early 90’s.
Note #2: This 1.2% does not include Mello-Roos fees, which are not technically a tax. Mello-Roos is found on some homes built since the 1980s.
Learn secrets most people will never know about buying a home in San Diego.
