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Old 08-14-2007, 02:43 PM
 
36 posts, read 169,015 times
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I'm working on how much condo I can afford, so I need to estimate expenses. As I understand it, the property tax in SF is 1.14%/yr. Is that applied to the actual purchase price? Or is there an assessed that may be different from the price, and if so, is there some reliable relationship between the two? Also, is the full property tax deductible from CA state income tax? Thanks in advance.
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Old 08-16-2007, 02:19 AM
 
Location: Houston, TX
832 posts, read 3,853,682 times
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Purchase price
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Old 08-16-2007, 03:41 AM
 
Location: San Jose, CA
1,318 posts, read 3,554,711 times
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I thought proposition 13 capped taxes at 1% of value, where did you get the 1.14%, is there a tax SF can bring equivalent to .14%?

Taxes can only go up to 2% a year (once again prop 13), while in the long run houses and condos go up about 4 or 5 on average in value annualize. The 2% is lower than inflation for almost every year except a few (mostly high unemployment years), so if you buy a condo now in 30 years the taxes you pay will be less in "real terms" (adjusted for inflation). That is good for you , bad for the schools.

Anyway with the 2% cap you can calculate the maximum taxes you would pay from now until you sell the condo, I can't tell you about the HOA fees though, they can go up any day if not specified by the rules of the condo.

The taxes are on the actual purchase price, and I think if they increase your assessment more than you can sell your condo for, it may be possible to challenge it, but I'm not sure.
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Old 08-16-2007, 08:01 AM
 
36 posts, read 169,015 times
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Quote:
Originally Posted by cardinal2007 View Post
I thought proposition 13 capped taxes at 1% of value, where did you get the 1.14%, is there a tax SF can bring equivalent to .14%?
It's on many though not all sites, such as this:

Buyers: San Francisco Property Tax: Bartlett Real Estate

Apparently the extra is for paying off SF debt, which is allowed under Prop 13. Please correct me if I'm wrong.
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Old 08-16-2007, 12:25 PM
 
Location: San Jose, CA
1,318 posts, read 3,554,711 times
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It looks like you may be onto something, 1.135% for 06-07:

Office of the Treasurer and Tax Collector: How to Read Your Property Tax Bill (http://www.sfgov.org/site/treasurer_page.asp?id=8099 - broken link)

Though something does seem fishy, I'll ask someone I know who owns a condo in the city, and see if they know more about it, and get back to you.
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Old 08-16-2007, 06:13 PM
 
Location: Tijuana Exurbs
4,539 posts, read 12,404,526 times
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Quote:
Originally Posted by Lurker View Post
It's on many though not all sites, such as this:

Buyers: San Francisco Property Tax: Bartlett Real Estate

Apparently the extra is for paying off SF debt, which is allowed under Prop 13. Please correct me if I'm wrong.
You are correct. That extra .14% would be for debt service and probably a few small fees for things like rat and mosquito control.
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