this is such important info and so helpful! i am so appreciative that you always did this for us as well because a lot of agents never mentioned the taxes
Great Video Jessica-Many people put an emphasis on the Principal/Interest payment and forget about the property taxes. There is a nice single story house in Mahogany Hills that I've seen that is selling close to $700,00. The 2% tax rate puts the taxes around $14,000. That is a deal breaker!
Thanks for the comment Tom. Mahogany Hills/Spencer's Crossing are on the higher side for property taxes as with most newer construction. It just depends how important having a newer home is to you:)
Nice review of property taxes in the area. Even though assessed values can only go up by 2%, the actual property taxes can jump 336%!! Thanks for another great video.
Hi McGreedos. I don't follow the 336% claim, but you are right, the assessed values, and therefore the taxes, can only go up 2% per year. This is Prop 13.
@@moving2murrieta The YOY assessed change % at ruclips.net/video/W76hLFdXEsE/видео.html . Would this be a scenario for homeowners buying into the first phase of the first neighborhood (before all the parks and roads are built) in a new master planned community like Spencer's Crossing?
Hi McGreedos. The Special Assessments should be about the same for first phase owners until the end. The base rate (calculated on the purchase price) and any line items that vary based on the value (ad valorem) will change and presumably later phases would be slightly higher, but not to the extent like I think your question is getting at here. ~Chris and Jessica
Hi Stephen! Thanks for the comment. We always like to connect with local brokers. Agreed! It is surprising the number of agents that don’t look into the taxes prior to writing offers and showing property. If I get an offer on a listing in a higher tax neighborhood I always ask the buyer agent if the buyers are aware of the special assessments. Best to address it upfront!
I know California is known for high taxes, but I have always found their property taxes to be very reasonable, believe it or not! PS: Don't forget the sunshine tax!
Hi Twobarpsi. You make a good point. We have a lot of clients from other parts of the country from the mid-west to the east coast to Texas. Many other states have equally high or even higher taxes than California. This includes a few surprises like Texas with relatively high property taxes. Check out this Rocket Mortgage ranking with California at #16 and Texas at #45 and New Jersey at the bottom (highest taxes). www.rocketmortgage.com/learn/property-taxes-by-state
Hi! It doesn’t have to do with your mortgage loan. The special assessments can go down when the bonds come to maturity. But keep in mind they are typically 20-40 year bonds. So a property built in the 90s might have the special assessments going down soon, but for a property built around 2010 it’s going to be a much longer time.
Hi M G. Good question. First of all, please excuse this disclaimer, but I am not a CPA. With that out of the way, my understanding is the base tax rate (1% in Riverside County) and the assessed value is the opportunity with Prop 19, not 13 and there are some other requirements you need to meet (55plus, severely disabled or wild fire victim). Unfortunately, my understanding is the Special Assessments aka Mello-Roos do not apply to this transfer. Again, I would run the scenario on a person's current home and any potential purchase property by a CPA (and if necessary Escrow and Title people etc) if a Buyer felt Prop 19 would apply to them.
Hello again M G. Your question about transferring from one home to another is actually Prop 19 (not prop 13). Another commenter making a point about prop 13 made me think again about our messages earlier. Anyway, thanks again for the comments. We always appreciate it.
this is such important info and so helpful! i am so appreciative that you always did this for us as well because a lot of agents never mentioned the taxes
Absolutely! Hope you are loving your new home ❤️
Great Video Jessica-Many people put an emphasis on the Principal/Interest payment and forget about the property taxes. There is a nice single story house in Mahogany Hills that I've seen that is selling close to $700,00. The 2% tax rate puts the taxes around $14,000. That is a deal breaker!
Thanks for the comment Tom. Mahogany Hills/Spencer's Crossing are on the higher side for property taxes as with most newer construction. It just depends how important having a newer home is to you:)
Nice review of property taxes in the area. Even though assessed values can only go up by 2%, the actual property taxes can jump 336%!! Thanks for another great video.
Hi McGreedos. I don't follow the 336% claim, but you are right, the assessed values, and therefore the taxes, can only go up 2% per year. This is Prop 13.
@@moving2murrieta The YOY assessed change % at ruclips.net/video/W76hLFdXEsE/видео.html . Would this be a scenario for homeowners buying into the first phase of the first neighborhood (before all the parks and roads are built) in a new master planned community like Spencer's Crossing?
Hi McGreedos. The Special Assessments should be about the same for first phase owners until the end. The base rate (calculated on the purchase price) and any line items that vary based on the value (ad valorem) will change and presumably later phases would be slightly higher, but not to the extent like I think your question is getting at here.
~Chris and Jessica
I'm a local broker and I can't believe the number of agents that do not look into tax rates prior to showing and even writing offers.
Hi Stephen! Thanks for the comment. We always like to connect with local brokers. Agreed! It is surprising the number of agents that don’t look into the taxes prior to writing offers and showing property. If I get an offer on a listing in a higher tax neighborhood I always ask the buyer agent if the buyers are aware of the special assessments. Best to address it upfront!
I know California is known for high taxes, but I have always found their property taxes to be very reasonable, believe it or not!
PS: Don't forget the sunshine tax!
Hi Twobarpsi. You make a good point. We have a lot of clients from other parts of the country from the mid-west to the east coast to Texas. Many other states have equally high or even higher taxes than California. This includes a few surprises like Texas with relatively high property taxes. Check out this Rocket Mortgage ranking with California at #16 and Texas at #45 and New Jersey at the bottom (highest taxes).
www.rocketmortgage.com/learn/property-taxes-by-state
This is very helpful wish I knew this sooner, do you pay Mel-A-Roos for the term of your loan? Do they go down as your home gets older?
Hi! It doesn’t have to do with your mortgage loan. The special assessments can go down when the bonds come to maturity. But keep in mind they are typically 20-40 year bonds. So a property built in the 90s might have the special assessments going down soon, but for a property built around 2010 it’s going to be a much longer time.
Thank you, this information is very helpful!
For buyers moving within California won’t we just take our current tax rates from our current house to the new house via Prop 13?
Hi M G. Good question. First of all, please excuse this disclaimer, but I am not a CPA. With that out of the way, my understanding is the base tax rate (1% in Riverside County) and the assessed value is the opportunity with Prop 19, not 13 and there are some other requirements you need to meet (55plus, severely disabled or wild fire victim). Unfortunately, my understanding is the Special Assessments aka Mello-Roos do not apply to this transfer. Again, I would run the scenario on a person's current home and any potential purchase property by a CPA (and if necessary Escrow and Title people etc) if a Buyer felt Prop 19 would apply to them.
Hello again M G. Your question about transferring from one home to another is actually Prop 19 (not prop 13). Another commenter making a point about prop 13 made me think again about our messages earlier. Anyway, thanks again for the comments. We always appreciate it.
I heard you can bring your current tax rate one time.