How much tax would someone need to pay if they bought a $1 million+ property in LA? (transfer)

[California_Aspirer]

If someone was to buy a property in say, Sunset Drive, LA, for just over $1m, what would be the guesstimate of property tax needing to be paid?

[thelopez2]

$12,000 a year.

[Electrician4you]

Originally Posted by thelopez2

$12,000 a year.

This^^^^

[RosieSD]

Originally Posted by California_Aspirer

If someone was to buy a property in say, Sunset Drive, LA, for just over $1m, what would be the guesstimate of property tax needing to be paid?

If you're asking this question, you need to read up on Prop. 13.

https://www.californiataxdata.com/pdf/Prop13.pdf

[Ultrarunner]

Prop 13 affixes a Statewide Tax of 1% of value established at the time of transfer and imposes a 2% annual inflation cap.

That said... there are hundreds of taxing agencies in California... so the actual rate can vary a lot... especially from city to county plus many urban areas have Mello-Roos fees collected on tax bills.

My brother pays about 1.2% in the country and I pay 1.7% in my city...

[RosieSD]

Originally Posted by Ultrarunner

Prop 13 affixes a Statewide Tax of 1% of value established at the time of transfer and imposes a 2% annual inflation cap.

That said... there are hundreds of taxing agencies in California... so the actual rate can vary a lot... especially from city to county plus many urban areas have Mello-Roos fees collected on tax bills.

My brother pays about 1.2% in the country and I pay 1.7% in my city...

Yes, absolutely true and excellent point.

But, if one is asking about property taxes in California in a general sense - as the OP was - Prop 13 is always the starting point you need to understand.

[Ultrarunner]

It can be confusing for those coming from outside CA...

California treats each transfer is unique and it stands on it's own... no need to fear your neighbors over improvement of the neighborhood will lead to higher taxes for you...