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CA property taxes some of the lowest in the nation

By anotheraccount following x   2016 Dec 3, 10:06am 2,213 views   10 comments   watch   sfw   quote     share    


http://blog.sfgate.com/ontheblock/2016/12/03/s-f-lost-almost-450-million-in-revenue-last-year-thanks-to-prop-13/

"What’s even more amazing is that the effective tax rate in some other Bay Area cities are even lower. In Palo Alto, for example, where Trulia set the median home value at $2,225,000 and nearly 11 percent of owners have been in their homes since Prop. 13 went into effect in 1979, the effective property tax rate is .42 percent—the lowest in the nation. Millbrae, which has a much lower median home value but an even higher percentage of long-time owners, is the second-lowest at .48 percent."

Once homeownership rate in CA drops below 50% (at around 54% right now), there will be real chance of overturning prop 13 and bringing prices down.

1   Ceffer   ignore (1)   2016 Dec 3, 11:41am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Gee, low property taxes makes living in California almost free.

2   Strategist   ignore (2)   2016 Dec 3, 11:48am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Ironman says

tr6 says

the effective property tax rate is .42 percent—the lowest in the nation.

and they think that's winning...

No thanks, I'll take a similar house in my area for a median price of $400,000 and a tax rate of 2%, one of the highest in the nation.

Which mortgage would you rather pay???

The first house i purchased was 30 years ago. I still have it and pay exactly 0.42% in taxes including all the supplemental garbage they add on.
It's rented to a good tenant. What incentive do i have to sell it?

3   anotheraccount   ignore (1)   2016 Dec 3, 11:52am   ↑ like (0)   ↓ dislike (0)   quote   flag        

tr6 says

It's rented to a good tenant. What incentive do i have to sell it?

You don't, unless your taxes were at 1.25% of market value. You would think about selling it and putting money in NAC instead.

4   MMR   ignore (0)   2016 Dec 3, 12:31pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Ironman says

What a bunch of idiots...

tr6 says

median home value at $2,225,000

tr6 says

the effective property tax rate is .42 percent—the lowest in the nation.

and they think that's winning...

No thanks, I'll take a similar house in my area for a median price of $400,000 and a tax rate of 2%, one of the highest in the nation.

Which mortgage would you rather pay???

About right for Toms River...

I'm in West Orange and it is 4% not including HOA fees for somewhat modern housing (townhouse), somewhere between 300-850/month.

350k home will be 14k taxes and 4-9k hoa fees. Still about 25% cheaper to buy than rent, but if I'm only going to be here 3-4 years, renting will be almost same, once closing costs factored in along with maintenance (old housing stock) and insurances, coupled with updating house not likely to appreciate. Hard to sell homes here lacking updates and expecting to get your money back, much less turn a small profit.

Lot of people here got killed by buying at peak of housing market.

Asking for two car attached garage around here is considered a great luxury.

Already missing Decatur where the basis is 2% which is high for Atlanta metro.

5   Quigley   ignore (0)   2016 Dec 3, 4:06pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

Prop 13 at work. "Try not to think of it as those who bought recently getting screwed, but those who came before got lucky!"
Also "don't kick grandma from her house!"
Yeah.

6   lostand confused   ignore (0)   2016 Dec 3, 4:12pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

At least it gives you some planning ability. In many places, taxes go up pretty massively. You could be paying 10-20K for a property that you paid under 300k. of course you can dispute and maybe when you bought it, your tax was 6-8k, but who cann afford these wild swings. The gubmnt pensioned critters would think differently.

I hear even TX has horrendous property taxes.?

7   Booger   ignore (1)   2016 Dec 3, 6:02pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

So what. CA more than makes up for it in other taxes and most likely also bloated appraisals.

8   MMR   ignore (0)   2016 Dec 4, 12:09am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Ironman says

@MMR

What the hell are you doing in West Orange?? When did you come back from GA?

Don't you like us down here anymore? We don't bite.

Haha...I am working in Newark for short term, possibly permanently.

Came back 5 weeks ago. Been in and out of Toms River to cook for week and do laundry. Was living at residence inn with wife and dog while looking for short term pet friendly rental. Most rentals need a 1 yr. commitment and not pet friendly.

West orange is good because good access to 280, but most good restaurants/entertainment is in Montclair although west orange does have nice parks.





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