Tools For Understanding Murrieta and Menifee Property Taxes
Even though I have written quite a bit about Temecula property taxes (click to read on my site), I find that I get SO many questions on these topics. So I wanted to do a quick recap and provide a link so people can get an idea between different communities.
In Menifee real estate you will find high property taxes in the communities of Tierra Shores, The Lakes, and entire tracts off of Garboni. Just about all homes built after 2001 are going to be close to the 1.9% tax rate. Now people get confused because California tax law caps property taxes at around 1%. However, that tax is a percentage and there are additional taxes or Menifee special assessments that are a fixed dollar amount.
The same goes for Murrieta property taxes. When builders were putting up homes left and right, they realized that people were literally camping overnight to get in homes. So they passed over fees for street lights, school bonds, road bonds, etc in the form of Murrieta special assessments. These are usually bonds for 30 years or they exist in perpetuity. But the key here is they are FIXED dollar amounts.
So as a home grows in value, the actual combined tax rate of the base 1% + the FIXED amount grow smaller as a percentage. At one time, these 1.9% rates were down to 1.5%. But as property values fell, that fixed portion increased as a percentage.
When you are out shopping, some of the homes in The Lakes in Menifee will look outstanding. But you have to remember that it has roughly 2% property taxes and a ~ $190 HOA. It is a great community with fishing events, a lake of course and a great clubhouse, pool, etc. But those two expenses will cut into your loan qualificaiton a bit.
One tool that is public and breaks down the overall tax picture is here - Riverside Property Tax Payments. This is great because if you enter the address, it will clearly show you the base tax rate plus each individual special assessment, the contact number, and the fixed amount. Just remember that there are two tax payments each year. So the total is combination of them both.
You will be surprised to see some high bonds in there that will really impact your monthly payment. That is why many Menifee homes in the newer communities are priced a bit lower and come with lots of upgrades. They need to be a good value to offset the high tax and HOAs that will stop many buyer from being able to qualify. They may be good at $200k but with the additional expenses they may need to qualify for $240k to afford in there.
I have plenty of articles on taxes in my News and Articles section of my website - Temecula, Murrieta, and Menifee property taxes. Please visit to learn more and make sure to use that Riverside property link - it can be invaluable. The only downside is the county does take it down periodically as they update. Often it will be down over a month. Good luck and good hunting out there!
Sincerely,
Stefan West, Broker / Owner
West Realty, LIC #01385988
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