(OC) Property taxes to increase 2% for most homeowners this year

[bmw335xi]

Originally Posted by TR95

It’s just the 1% of market value when you buy the property. Then add in county and local taxes. Everywhere I’ve ever lived in CA (LA, OC, SD and Ventura counties) I’ve never paid more than 1.25% total other than the great Alameda County where it is 1.6% because they love taxes in the Bay Area. Shoot, Ventura is about 1.15% or less in some cases right now.

Thank you!



Is there any property tax benefits for...


-Primary Home?
-Seniors/Retired?
-Paying early/one time?


Here in Orlando, if it's your primary, you get like $75k of assessed value taken off (something like that). If you pay early, you get 4% off. I don't think there is any benefit for seniors/retired, but I heard in DC, you get 50% off. Anyways, just seeing if there are any discounts or incentives in Orange County.

[CA4Now]

Originally Posted by bmw335xi

Thank you!

Is there any property tax benefits for...


-Primary Home?
-Seniors/Retired?
-Paying early/one time?


Here in Orlando, if it's your primary, you get like $75k of assessed value taken off (something like that). If you pay early, you get 4% off. I don't think there is any benefit for seniors/retired, but I heard in DC, you get 50% off. Anyways, just seeing if there are any discounts or incentives in Orange County.

Unfortunately, no. Prop 13 is considered the benefit.

[saibot]

Originally Posted by bmw335xi

Is there any property tax benefits for...


-Primary Home?
-Seniors/Retired?
-Paying early/one time?


Here in Orlando, if it's your primary, you get like $75k of assessed value taken off (something like that). If you pay early, you get 4% off. I don't think there is any benefit for seniors/retired, but I heard in DC, you get 50% off. Anyways, just seeing if there are any discounts or incentives in Orange County.

No, but if you've lived in your house long enough for the value to double, which takes less time than I would once have believed possible, you're already paying 50% of what a new buyer would pay, whether you're a senior or not. If you're an actual senior who has lived in the same house since say the 1980s, you've got some low taxes.

[TR95]

Originally Posted by bmw335xi

Thank you!



Is there any property tax benefits for...


-Primary Home?
-Seniors/Retired?
-Paying early/one time?


Here in Orlando, if it's your primary, you get like $75k of assessed value taken off (something like that). If you pay early, you get 4% off. I don't think there is any benefit for seniors/retired, but I heard in DC, you get 50% off. Anyways, just seeing if there are any discounts or incentives in Orange County.

I think there’s some property tax postponement for seniors but there’s some conditions on income levels and other requirements. That’s about all I know, otherwise it’s the typical $7k primary residence exemption. I think it’s offered depending on the county.

The only benefit in CA is Prop 13. That’s what is so troubling if they do decide to eliminate it for primary homeowners because many other states offer reductions, if not on assessed value which can be 50% of market value in some states just like in many European countries. But, hey people in CA that are entitled feel everyone who bought a long time ago should be penalized. Got to hope it wouldn’t pass if it gets to the ballot, but not so sure anymore with the way people vote here. Wouldn’t be a shock to me that it’s gone in the next 10-20 years.

[bmw335xi]

Originally Posted by saibot

No, but if you've lived in your house long enough for the value to double, which takes less time than I would once have believed possible, you're already paying 50% of what a new buyer would pay, whether you're a senior or not. If you're an actual senior who has lived in the same house since say the 1980s, you've got some low taxes.

Originally Posted by TR95

I think there’s some property tax postponement for seniors but there’s some conditions on income levels and other requirements. That’s about all I know, otherwise it’s the typical $7k primary residence exemption. I think it’s offered depending on the county.

The only benefit in CA is Prop 13. That’s what is so troubling if they do decide to eliminate it for primary homeowners because many other states offer reductions, if not on assessed value which can be 50% of market value in some states just like in many European countries. But, hey people in CA that are entitled feel everyone who bought a long time ago should be penalized. Got to hope it wouldn’t pass if it gets to the ballot, but not so sure anymore with the way people vote here. Wouldn’t be a shock to me that it’s gone in the next 10-20 years.

Originally Posted by CA4Now

Unfortunately, no. Prop 13 is considered the benefit.

Thank you all!

I hope prop 13 stays in place at least for residential properties. I can't imagine how homeowners would be able to afford to keep their homes otherwise. I'm sure the leasing industry would love for prop 13 to get eliminated because there would be so many forced to sell their homes. We have a similar thing in Florida, your assessed value can only increase up to 3% per year.

As far as my understanding, Prop 13 limits increases to 2% per year and caps state property tax to 1%, but allows local governments to add on top of the 1%?

[NewbieHere]

Mine didn’t go up 2% this year.

[CaliRestoration]

Originally Posted by bmw335xi

Thank you all!

I hope prop 13 stays in place at least for residential properties. I can't imagine how homeowners would be able to afford to keep their homes otherwise. I'm sure the leasing industry would love for prop 13 to get eliminated because there would be so many forced to sell their homes. We have a similar thing in Florida, your assessed value can only increase up to 3% per year.

As far as my understanding, Prop 13 limits increases to 2% per year and caps state property tax to 1%, but allows local governments to add on top of the 1%?

Prop 13 is going to be carved up like a juicy Thanksgiving turkey. Democrats will see to it soon.