[quote=AN][quote=CA renter]Even **if** the $9,300 tax amount you saw was correct (I don’t think so — look at the previous purchase price), that’s $775/month, not $700. Add $100 for HOA, and it’s $875. I still think it will run over $900. I’m not factoring in mortgage costs, as my goal is to go 0% LTV.
With all the searching for new govt revenue, I won’t count on the MID or even Prop 13 being around for the long haul. As mentioned, the maintenance costs usually negate any tax benefit of MID or prop tax deduction, anyway.[/quote]
Where did you get $775/month from? According to the treasurer-tax collector, the tax rate is 1.04122% and a fixed cost of $2709.56, so, if you pay $570k, your tax bill will be $720.37 + $100 HOA = $820.37/month.
BTW, if you search for this parcel #: 221-852-49-00 in the SD tax treasurer-tax collector website, you’ll find that their last year tax was $9,300.48.
So, even if there’s no MID and no Prop 13 AND assume price doesn’t crash down once MID and Prop 13 get removed, your PIT is around $3000-3100/month if you get a loan. Insurance is probably another $100/month for that priced home, so you’re looking at $3100-3200/month. How much does it cost to rent the place?[/quote]
I don’t follow rentals in that particular area, but would guess that it would not rent for that much. Maybe $2,400-$2,600????
Got the $775 from the $9,300 you posted earlier. Per my calculations, the fixed monthly outlay would still be around $900, even with your numbers.
-Property tax, including Mello-Roos: $720
-HOA (will likely go up over time) $98
-Insurance: $100
Total: $918/month
Too much $$$$$$, especially if the house is paid off!
