If you own real estate you pay property taxes, plain and simple. Your percentage rate can vary from town to town, city to city, county to county and state to state but every square foot of privately owned dirt pays the Tax Man.
There's also various perceived types of property taxes as well, like special assessments and Mello Roos, but those do not count in this blog because they are bonds and assessments.... that are special! :)
But your property taxes, whatever the percentage rate may be and whether you claim a homestead, or if it's not a primary residence or even an investment property, is due every year and usually in two installments.
The universal theme in property taxes is how to assess them and determine what they should be. This is done by "Ad Valorem", which is Latin for "According to Value". So basically your property taxes are determined by the assessed value and applied to what percentage your local municipality taxes at.
You could also get into how property taxes are assessed at the time of purchase, what they are assessed at through the years of ownership, or how they change if you are reassessed by improvements or refinance. But again every area is different and applies different variables. Talking to your local real estate professional for further help might be in order.
If you need a REALTOR in the Southern California area we serve the Inland Empire and surrounding areas. Give us a call anytime, or learn more about us at our website here.
-Todd J Garrigus
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