How Do Property Taxes Work?
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- Опубликовано: 10 июн 2024
- Property taxes for California can get tricky for new homeowners. What are property taxes based on anyway? This video is everything you need to know about property taxes in California.
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Just because your client is buying their house doesn't mean they will never have to pay money for it again. In fact, they will have to pay an annual amount of money for owning the property. This is called property tax.
Property taxes are based on the value of the property your homebuyer just bought. The property taxes are a small percentage of the value, so the higher the property value, the higher the property tax.
But, what happens when the value of your home increases dramatically over time? In those cases, will you have to pay an exorbitant amount of property taxes that might break your bank account? The answer is no. The most your property taxes can increase at any given time is by 2%.
This is thanks to Proposition 13. Proposition 13 limits the amount your property taxes can increase. That way, you aren't spending more money on your property taxes because the value of your home increases.
Chapters:
00:00 - When are property taxes due?
02:05 - What are property taxes based on?
02:25 - What is the property tax rate?
03:42 - Do you pay more taxes when your property value increases?
05:20 - This stops you from paying more in property taxes
#PropertyTaxes #CaliforniaPropertyTaxes #CalculatingPropertyTax
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I LOVE THESE VIDEOS!!!!!!! So educational in a short time!
Thanks for the kind words! I'm glad the video was helpful!!! Keep in touch!
This video had EVERYTHING I needed! Thank you 🙏🏽
You're so welcome! Thanks for watching.
Please don’t stop making these videos it’s soooo helpful you guys don’t understand Robert Rico is the man
Thank you for the great feedback! I'm so happy you found this video helpful!
Wow, what a great video!! Thanks for sharing so much great info about property taxes.
Glad you liked it, Chase! Thanks for watching.
This was so helpful! Keep making these!
Thank you! Will do! Glad you liked it and it's great to hear this kind of feedback.
I Loved this Whole video, even the lighting. You were interesting and kept my attention. Thank you for this information 😊
Glad you enjoyed it! Thanks for watching, Lisa.
My property taxes went up 80%
Proposition 13 is good 👍
Thanks!
that explanation is very helpful! thanks!
Glad it was helpful! Thanks for watching!
very helpful and straightforward!
Glad you think so! Thanks for watching.
Nice video sir, quick to the point knowledge 💯
Glad it was helpful! Thanks for watching.
Very helpful thank you!
You're welcome! Thanks for watching and I'm glad you liked it.
Question!!?
So 1% tax paid yearly but collected in 2 separate months. Do you pay that 1% once in Nov. & again 1% in Feb?
Ex: million dollar home x 1% = 10k
10k in Nov. & 10k in Feb?
So together in less than 6 months i have to be ready for a 20k bill ???
Besides the county taxes we looking at other local taxes (municipal). Utilities maintaining repairs Isn’t just better to rent ?
Nope! In your example, the 10k payment is broken into 2 installment payments. So, 5k each. Hope this helps!
@@USRealtyTraining perfect. thanks 🙏🏼
Better to inherit a home then purchased long ago...with no second mortgage and everything good to go on it. This is a generational wealth concept aswell.
Love your sweater !
Thanks! It's my favorite seasonal sweater! 🍂
Greatest teacher ever!
Thanks, Sean! Glad you enjoyed the video.
great video! thank you
You are welcome! Thanks for watching.
Does this apply in Every state?
The concept does but the rates could be different based on which state you live in and which county you live in. Thanks for asking and I hope it was helpful!
Is it 2% increase each year?
Yes!
Bro, you're literally a teaching legend 😂😂😂😂
Great job explaining
Thanks! Happy you liked it.
Wtf we have to pay every year on the value of the home?
Yup!
i love man pls make more
Very nice of you to say this! Thanks for watching.
How does that work if home owner passes away and the property goes to there kids is it still 200+ the 2%
“No darn foolin around” one guy fooled around his name was ted kaczynski
🙃🙃🙃
Gracia
De nada!
pls make a video on the USA property tax's aka barrenly hills and Hollywood
What do you want to know more of? This video applies to Beverly Hills and Hollywood.
I wish they would do as they say 😂
Stop saying property.tax .say land tax only
Actually, it was created by God, but it was called a tin of contribute… original Caesar, Uncle Sam, copy.. tax every one for life
I hate uncle sam.
I am shocked tbh, Today i know that USA take money on things they do not own! This is stealing in my book..... buying a house should be a one time payment
Don’t hate .. Congratulate💪🇺🇸
@@junebug8882man Uncle Sam is a criminal
Uncle Sam is evil
That video makes me want to look for the cheapest houses ever
Very helpful thanks!
Glad it was helpful! Thanks for watching, Alex.