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Excessive Force
11-12-2004, 07:52 AM
For the state of california does anyone know how they come up with the % to tax you on assesed value? Does that % change as the value of the property either goes up or down? Im lookin at 2 different bills and the % is different on each one.

switchin'addiction
11-12-2004, 08:35 AM
Call you assessors office & they should be able to give you the formula used for taxation purposes. Good info to have on hand to keep the county assessor honest, they make mistakes too.

THATJEFFGUY
11-12-2004, 09:11 AM
Per Prop. 13, isn't it a 1% tax limit on your property ?

switchin'addiction
11-12-2004, 09:14 AM
Per Prop. 13, isn't it a 1% tax limit on your property ?
I'm in Missouri so the tax laws may be different in Cal. in terms of how the tax is actually calculated. In MO there is a calculation done on the assessed value, not the actual(appraised) value of the property.

cdog
11-12-2004, 09:16 AM
I belive the limit is 1% a year. Prop 13 only protects you if you lived in the home prior to 1978.
Here's a link......http://www.wccusd.k12.ca.us/elcerrito/history/prop13.htm

Moe_Havi
11-12-2004, 09:25 AM
The tax rate is based on 1 % of your original purchase price plus if you look at your bill you will see other things listed like school bonds, water bonds, Mello roos assesements (special taxes, usually 20 or 30 years for the construction of infrasructure) that can raise your bill over 2% even. If you have purchased your home in the last year, you also get a supplimental tax bill which easily stated makes up the difference between the old tax rate on the property recently purchased and the new rate created by the higher price you just paid. Then you get the new tax bill at the beginning of the next new tax year. Does this make sense?
Moe

Outnumbered
11-12-2004, 09:26 AM
For the state of california does anyone know how they come up with the % to tax you on assesed value? Does that % change as the value of the property either goes up or down? Im lookin at 2 different bills and the % is different on each one.
As a general rule, it is 1.25% of the purchase price/assessed value. The value is periodically reassessed (increased in our current market).
ie $500,000 x .0125 = $6,250 first year taxes
Typically, the assessor has been very conservative on the increases in recent years. They have been increasing assessments but not at the same pace as the market has appreciated. If you do a permitted addition to your house this will also cause a reasessment.
If the property was purchased before prop 13 took effect, then the property tax is frozen at that assesment.
There are special assessments and Mello-Roos taxes that can take your percentage way beyond 1.25%, especially in newer/developing areas.
This is the basic explanation but check the assessor's office if you want the exact assessed value of your house and the formula.
OL

Outnumbered
11-12-2004, 09:28 AM
Here is a link to look up your property:
http://www.co.san-bernardino.ca.us/ttc/tr/trsearch.asp?msg=noparcel&return=currtaxes.asp