How to calculate Property tax in OC? (Los Angeles, Orange: sale, assessor)

[Species 8472]

How are property taxes calculated in OC? Are there any additional taxes depending upon the city (i.e., Yorba Linda)?

Thank you!

[EscapeCalifornia]

Its always at least 1% but is usually more. How much more depends on how much extra stuff the voters in your area have approved. For example you might see extra charges for community college district, sewer district, etc. That might add another .1-.2%. The big one to watch out for is mello roos. If you buy a house in an area subject to it, it can nearly double your tax. Its common in areas built after 1982. I believe most of Yorba Linda is older than that but there might be pockets with it. South OC has lots of areas with mello roos.

[Species 8472]

Thanks for your reply. What does mello roos stand for? Interesting name.

[bhcompy]

i dont know what it stands for but basically its repaying the government for putting in roads, sewers, etc in undeveloped areas. i believe they use bonds to finance those and sometimes those are in upwards of 30 years, which means you could be paying that extra assessment until the development is 30 years old. by default though, the base property tax is 1% of the purchase price and is limited on a year to year basis to only go up a percent or two each year based on CA proposition 13

[cabolissa]

Figure it's 1.6% of the purchase price and you'll be safe.

[Charles]

"Mello-Roos is the common name for the Community Facilities District Act, enacted by the California Legislature in 1982.[1] The name comes from its co-authors, Senator Henry Mello of the Monterey area and Los Angeles assemblyman Mike Roos. Mello-Roos enabled “Community Facilities Districts” (CFDs) to be established by local government agencies as a means of obtaining community funding."

from

Mello-Roos - Wikipedia, the free encyclopedia

[CoastalHomeSeekers]

If there is a specific property you are interested in....you can visit the Orange County Property Tax website, plug in the address and get a complete breakdown of the taxes and assessments.

http://www.coastalhomeseekers.com

[Dirk Bonner]

Originally Posted by Species 8472

How are property taxes calculated in OC? Are there any additional taxes depending upon the city (i.e., Yorba Linda)?

Thank you!

It's 1% of the purchase price of your house. That amount can only go up 2% a year after the first valuation....except for some special assessments...some school bonds, water...that kind of stuff.

[Charles]

Found this little primer on taxes and Mello Roos, the first is a little specific to Aliso Viejo but it is still informative.

Aliso Viejo property taxes and Mello Roos

Prop.8 and Prop 13 - How much can my taxable value change anyway? (http://www.ocgov.com/assessor/prop8and13.asp - broken link)

[Charles]

I found something I don't understand. On Redfin is a home in RSM which sold on its last sale for $925K in 2007. (It's currently listed for $699K but not sure if that really matters.) I looked up the property tax on it and the property tax alone (not all the extra assessments) is computed as 1% times a base of $758K = $7580/year. How could this be? Where did the $758K come from? Why isn't it 1% times $925K = $9250/year? The only thing I can think of is the owner petitioned the tax assessor for a lower base due to the home depreciating lately. (I did this myself in the early 1990s on my home in Moorpark.) But still, that seems like quite a drop.

Here's the redfin on it

28 SONGBIRD Rd, Rancho Santa Margarita, CA 92679 | MLS# S593674

and here's the property tax sheet on it

http://www.flex-e-bill.com/OCTLink/S...1-27&year=2009

And while you all are looking into this one, what's the difference between A4 and S8 assessment bonds? The S8 is described as "the" Mello Roos, but the A4 are described as Santa Margarita ID2 bonds.