Property Taxes in Placerville, California

What Are Property Taxes?

Property taxes are the obligations the owner of a real estate property needs to pay to the local, state, and national government. Every state in the United States has its laws governing property tax, and you need to know which of these applies to your home. If you plan to become a homeowner, you'll want to make sure you pay the right taxes to avoid any issues with Uncle Sam in the future.

For more information, please check out our original blog post at https://placervillehomes.com/.

1. How is Property Tax Determined?

The base tax of your property is determined by multiplying the assessed value of the home with all the tax rate that applies. The end amount is a sum of all the taxes, not including any exemptions, penalties, or special rules that apply to your house. Once the amount is determined, the fees above and exemptions are applied to your total property tax amount.

2. Assessed Market Value

The Assessed Market Value of a house is based on the market value between 1975 and 1976, and is adjusted for inflation based on California Law. However, this won't apply if your home has had a change in ownership or has had recent construction. The current value, in that case, would be determined by the market value of the property.

3. Exemption and Taxable Value

Exemptions to property tax can vary based on different factors that affect the owner and property. You must know which of these apply to your home to make sure you only pay what you need to for your property taxes. An excellent realtor can help point you in the right direction, especially if you're working with them to buy a new home in the area.

For more information, please check out our original blog post at https://placervillehomes.com/.

California Property Taxes

Property Taxes in California are based on the purchase price of a home you are planning to buy. Your property tax is calculated based on this amount and increases every year based on the rate of inflation. This increase has a cap of 2%, which helps protect homeowners. If the house you are buying will become your primary residence, you can apply for a $7,000 exemption on the residence, saving you up to $70 each year.

Placerville Property Tax Information

Counties and communities in California apply property tax rates based on assessed values similar to state regulations. Each county collects a general property tax that can go as high as 1% of the purchase price of your home. These taxes can be the most significant single tax you'll have to pay when buying a home and can include various voter-approved taxes such as the "Mello-Roos" tax, and more.

For more information, please check out our original blog post at https://placervillehomes.com/.

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