2/13/2007

California Property Tax Rates

I just found that someone was doing a search term for rates in Southern California. Actually, California has the same basic tax rate throughout the state. What varies are local taxes due to bonded indebtedness and other county or district taxes.

The basic property tax rate is estimated by multiplying the sales price by 1.25%. This is a the base rate of a tiered formula which does increase incrementally with time. When buyers are in escrow in California, the seller is required to provide a tax report to the buyer before the close so that the buyer can see all taxes due, whether or not certain ones are levied that year. That way, there are no unexpected surprises and the buyer is supposed to have full information. These reports are ordered through an outside source company paid to search all public records for the appropriate information in order to provide full disclosure on all taxes to the buyer.
See more California tax benefit information.

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