The basic property tax in California is about 1.1% of what you pay for the house. So if you pay 300K for the house, the property taxes will be about $3300 a year. The 2012 veterans exemption for either a 100% rated or a vet who is rated as IU and thus 100% is $119,285. So, your property tax would be based on $300,000 - $119,285 =$180,715 X 1.1% =1987.86. You do have to add in special district taxes and some other minor taxes that will raise it a bit. If you are under the 2012 household income limit of $53,566, the veterans exemption is 178,929. Based on the above, that would lower the base taxes on the $300K home to $1331.78. Newest information for 2012 is here: http://www.boe.ca.gov/proptaxes/pdf/lta11017.pdf
New home purchasers should be aware of Mello-Roos fees which are similar to taxes but charged separately. They are imposed as a result of developer fees for new schools, utilities, fire stations, etc. You will find those in newer developments but not in older neighborhoods of perhaps 15 years or so old. Check carefully since these can add anywhere from under a hundred dollars on a condo to many hundreds of dollars a month on a house.
"Mello-Roos districts may issue municipal bonds to finance development projects with high costs. If voters in the area have elected to become a Mello-Roos district, they are responsible for the repayment of these bonds through a special tax, assessed annually based on the value of the properties within the district. Mello-Roos financed developments might include schools, roads, libraries, police and fire protection services or ambulance services. This type of financing is named after Henry Mello and Mike Roos of the California legislature, who sponsored legislation in 1982 to authorize this form of financing."
Note that the people who buy resale homes are also stuck with these fees, not just the original homeowner. And, these fees may last twenty or thirty years!
New home purchasers should be aware of Mello-Roos fees which are similar to taxes but charged separately. They are imposed as a result of developer fees for new schools, utilities, fire stations, etc. You will find those in newer developments but not in older neighborhoods of perhaps 15 years or so old. Check carefully since these can add anywhere from under a hundred dollars on a condo to many hundreds of dollars a month on a house.
"Mello-Roos districts may issue municipal bonds to finance development projects with high costs. If voters in the area have elected to become a Mello-Roos district, they are responsible for the repayment of these bonds through a special tax, assessed annually based on the value of the properties within the district. Mello-Roos financed developments might include schools, roads, libraries, police and fire protection services or ambulance services. This type of financing is named after Henry Mello and Mike Roos of the California legislature, who sponsored legislation in 1982 to authorize this form of financing."
Note that the people who buy resale homes are also stuck with these fees, not just the original homeowner. And, these fees may last twenty or thirty years!
