Trixie_b

If you don't have contacts in the realtor world, contact your local association, and ask for a list of the "masters club" - the masters club are realtors who have reached a certain amount of $ value sales and sold a set quantity also. Select someone who has maintained their masters club membership for several years in that association - and you'll have a local expert who is active and currently successful.

MsElui

when we first bought here (2008) i was horrified at the thought of the escrow account. What do you mean we have to pay our insurance and tax to you in advance and then you pay it out. seemed like babying.

However - now I am more used to it i like it. The financial set up here is not the same as the UK and things like property insurance are NOT typically billed monthly like we can back home. It always seems to be annually here. And the property tax is required to be paid twice yearly. So I find the escrow account is in fact for us, a way to even those payments out monthly and revert back to a monthly schedule.

Pulaski

Depends on the state. Our property taxes (NC) are paid annually, I think in MA they're quarterly.

S Folinsky

Do note that practice varies from state to state and even within a state. There are variations between the Bay Area in California and Los Angeles.

One of my offspring became a member of the landed gentry last year and the practices in NY state were different from L.A..

WEBlue

Ah so that's who you really are! Gen Kasimir Pulaski, 'Father of the American Cavalry' and much-vaunted hero of the War of American Independence.

Pulaski Skyway, History and Background, Construction Updates, Commuter Information

Pulaski

007fair

What does this table mean in real terms? I am looking at Orange County and the rate in this table is 34.20 for 2013 Is that 34.2%?
If so - If I buy a house for $1,000,000 does that mean I will have to pay 34.20% of that in tax every year ? That would be $342,000 which is obviously not right .. so how does it work and how much exactly would I need to pay per annum?

christmasoompa

See the notes about the table - 'The rates are given in dollars per $1,000 of full value, rounded to the nearest tenth of a dollar.'

So if I've read it correctly, it would be $34.20 per $1000 of value of the property = $34,200.

HTH.

007fair

Ok thanks so on a $500,000 house it would be half that $17,100 per year = $1425 per month. Thats alot .. I was wondering why rental prices were so high compared to the value of houses but maybe this is why

Pulaski

I am not sure about CA, but the "value" on which property tax is levied might be different from the sales price. I have seen substantial differences, both over and under the market price.

Also there are other limits that states have legislated, such as a "homestead" deduction which greatly reduces property tax for owner-occupiers, or caps on the annual increase, which I believe CA does have.