Riverside County 2008-2009 Assessed Value

[TemekuT]

Econ Prof, I filed the Prop. 8 “Decline-in-Value Reassessment Application” on 03/28/08. The instructions specified the comps had to be as of January 1, 2008, but no later than March 31, 2008, so my comps were timely and relevant. It appears the reassessment I received was a blanket response to the changing property values as it was bulk applied to my neighborhood and not a response to my reassessment request. I am going to file an appeal soon.

The form indicates the voluntary reassessment is for FY 2008-2009, that is, July 1, 2008 through June 30, 2009. That is why I am flummoxed that the 2% Prop 13 allowed increase in assessed value for FY 2008-2009 was added in and then backed out in calculating the Prop 8 assessment. What a way to increase the tax basis a wee bit!

[temeculaguy]

Temeku, how much of the taxes in morgan are not based on value? I’m looking at some and trying to figure my potential tax bill. I remember when they first opened the first tract they quoted me 2.4%, then at peak they said 1.7 or 1.8, which is because the price was double so the percentage is irrlevent because of some of the non value tax items there.

I saw one come up today, sold in 2005 for 575, assessed at 589 in 2007 and the tax bill was $9250.
It’s listed for 309k, I know that if I bought it for half the assessed my tax bill wont be half of the 9250 because a couple grand of that bill is per lot not value based but how much? Realtors use percentages but in these drastic value changes those are irrelevent.

The lot back yard was never done and it’s kinda too big of a lot for me (which is why I am posting it) but what are your thoughts on this one and or this tract.

http://www.redfin.com/CA/Temecula/44913-Silver-Rose-St-92592/home/6570566

also what is the hoa for morgan?

[temeculaguy]

Temeku, how much of the taxes in morgan are not based on value? I’m looking at some and trying to figure my potential tax bill. I remember when they first opened the first tract they quoted me 2.4%, then at peak they said 1.7 or 1.8, which is because the price was double so the percentage is irrlevent because of some of the non value tax items there.

I saw one come up today, sold in 2005 for 575, assessed at 589 in 2007 and the tax bill was $9250.
It’s listed for 309k, I know that if I bought it for half the assessed my tax bill wont be half of the 9250 because a couple grand of that bill is per lot not value based but how much? Realtors use percentages but in these drastic value changes those are irrelevent.

The lot back yard was never done and it’s kinda too big of a lot for me (which is why I am posting it) but what are your thoughts on this one and or this tract.

http://www.redfin.com/CA/Temecula/44913-Silver-Rose-St-92592/home/6570566

also what is the hoa for morgan?

[temeculaguy]

Temeku, how much of the taxes in morgan are not based on value? I’m looking at some and trying to figure my potential tax bill. I remember when they first opened the first tract they quoted me 2.4%, then at peak they said 1.7 or 1.8, which is because the price was double so the percentage is irrlevent because of some of the non value tax items there.

I saw one come up today, sold in 2005 for 575, assessed at 589 in 2007 and the tax bill was $9250.
It’s listed for 309k, I know that if I bought it for half the assessed my tax bill wont be half of the 9250 because a couple grand of that bill is per lot not value based but how much? Realtors use percentages but in these drastic value changes those are irrelevent.

The lot back yard was never done and it’s kinda too big of a lot for me (which is why I am posting it) but what are your thoughts on this one and or this tract.

http://www.redfin.com/CA/Temecula/44913-Silver-Rose-St-92592/home/6570566

also what is the hoa for morgan?

[temeculaguy]

Temeku, how much of the taxes in morgan are not based on value? I’m looking at some and trying to figure my potential tax bill. I remember when they first opened the first tract they quoted me 2.4%, then at peak they said 1.7 or 1.8, which is because the price was double so the percentage is irrlevent because of some of the non value tax items there.

I saw one come up today, sold in 2005 for 575, assessed at 589 in 2007 and the tax bill was $9250.
It’s listed for 309k, I know that if I bought it for half the assessed my tax bill wont be half of the 9250 because a couple grand of that bill is per lot not value based but how much? Realtors use percentages but in these drastic value changes those are irrelevent.

The lot back yard was never done and it’s kinda too big of a lot for me (which is why I am posting it) but what are your thoughts on this one and or this tract.

http://www.redfin.com/CA/Temecula/44913-Silver-Rose-St-92592/home/6570566

also what is the hoa for morgan?

[temeculaguy]

Temeku, how much of the taxes in morgan are not based on value? I’m looking at some and trying to figure my potential tax bill. I remember when they first opened the first tract they quoted me 2.4%, then at peak they said 1.7 or 1.8, which is because the price was double so the percentage is irrlevent because of some of the non value tax items there.

I saw one come up today, sold in 2005 for 575, assessed at 589 in 2007 and the tax bill was $9250.
It’s listed for 309k, I know that if I bought it for half the assessed my tax bill wont be half of the 9250 because a couple grand of that bill is per lot not value based but how much? Realtors use percentages but in these drastic value changes those are irrelevent.

The lot back yard was never done and it’s kinda too big of a lot for me (which is why I am posting it) but what are your thoughts on this one and or this tract.

http://www.redfin.com/CA/Temecula/44913-Silver-Rose-St-92592/home/6570566

also what is the hoa for morgan?

[pizzaman]

TG, If I understand your question you may be able to find your answer at the County property tax website here https://taxpayments.co.riverside.ca.us/Search.aspx . (Note – It appears as though it is unavailable until August 1 because of end of year processing). Armed with the assessment number included in the listing you can retrieve a breakdown of the current taxes. I believe that the only amount that recalculates is the 1% general obligation which is the first line item, the rest are known fixed amounts. I have tried to analyze some potential purchases in Murrieta and have included one below. If my numbers are right although the tax amount in dollars is reduced in my example by roughly 1/3 the actual tax rate as a percentage will increase from 1.35 to 1.55. I did some others in newer areas that had higher mello-roos payments and the percentages got well into the 2’s
btw, Does anyone know why the 1% Tax Limit Per Prop 13 actually is 1.08%,its that way on all of the ones I review.

CURRENT @ 686,000
1% TAX LIMIT PER PROP 13……..$7,399.12 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.01%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.23%
MCWD WATER STANDBY……………..$21.00 0.00%
MCWD SEWER STANDBY……………..$21.00 0.00%
TOTAL TAX $/%……………….$9,275.44 1.35%

PURCHASE @ 400,000
1% TAX LIMIT PER PROP 13……..$4,320.00 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.03%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.40%
MCWD WATER STANDBY……………..$21.00 0.01%
MCWD SEWER STANDBY……………..$21.00 0.01%
TOTAL TAX $/%……………….$6,196.32 1.55%

[pizzaman]

TG, If I understand your question you may be able to find your answer at the County property tax website here https://taxpayments.co.riverside.ca.us/Search.aspx . (Note – It appears as though it is unavailable until August 1 because of end of year processing). Armed with the assessment number included in the listing you can retrieve a breakdown of the current taxes. I believe that the only amount that recalculates is the 1% general obligation which is the first line item, the rest are known fixed amounts. I have tried to analyze some potential purchases in Murrieta and have included one below. If my numbers are right although the tax amount in dollars is reduced in my example by roughly 1/3 the actual tax rate as a percentage will increase from 1.35 to 1.55. I did some others in newer areas that had higher mello-roos payments and the percentages got well into the 2’s
btw, Does anyone know why the 1% Tax Limit Per Prop 13 actually is 1.08%,its that way on all of the ones I review.

CURRENT @ 686,000
1% TAX LIMIT PER PROP 13……..$7,399.12 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.01%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.23%
MCWD WATER STANDBY……………..$21.00 0.00%
MCWD SEWER STANDBY……………..$21.00 0.00%
TOTAL TAX $/%……………….$9,275.44 1.35%

PURCHASE @ 400,000
1% TAX LIMIT PER PROP 13……..$4,320.00 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.03%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.40%
MCWD WATER STANDBY……………..$21.00 0.01%
MCWD SEWER STANDBY……………..$21.00 0.01%
TOTAL TAX $/%……………….$6,196.32 1.55%

[pizzaman]

TG, If I understand your question you may be able to find your answer at the County property tax website here https://taxpayments.co.riverside.ca.us/Search.aspx . (Note – It appears as though it is unavailable until August 1 because of end of year processing). Armed with the assessment number included in the listing you can retrieve a breakdown of the current taxes. I believe that the only amount that recalculates is the 1% general obligation which is the first line item, the rest are known fixed amounts. I have tried to analyze some potential purchases in Murrieta and have included one below. If my numbers are right although the tax amount in dollars is reduced in my example by roughly 1/3 the actual tax rate as a percentage will increase from 1.35 to 1.55. I did some others in newer areas that had higher mello-roos payments and the percentages got well into the 2’s
btw, Does anyone know why the 1% Tax Limit Per Prop 13 actually is 1.08%,its that way on all of the ones I review.

CURRENT @ 686,000
1% TAX LIMIT PER PROP 13……..$7,399.12 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.01%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.23%
MCWD WATER STANDBY……………..$21.00 0.00%
MCWD SEWER STANDBY……………..$21.00 0.00%
TOTAL TAX $/%……………….$9,275.44 1.35%

PURCHASE @ 400,000
1% TAX LIMIT PER PROP 13……..$4,320.00 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.03%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.40%
MCWD WATER STANDBY……………..$21.00 0.01%
MCWD SEWER STANDBY……………..$21.00 0.01%
TOTAL TAX $/%……………….$6,196.32 1.55%

[pizzaman]

TG, If I understand your question you may be able to find your answer at the County property tax website here https://taxpayments.co.riverside.ca.us/Search.aspx . (Note – It appears as though it is unavailable until August 1 because of end of year processing). Armed with the assessment number included in the listing you can retrieve a breakdown of the current taxes. I believe that the only amount that recalculates is the 1% general obligation which is the first line item, the rest are known fixed amounts. I have tried to analyze some potential purchases in Murrieta and have included one below. If my numbers are right although the tax amount in dollars is reduced in my example by roughly 1/3 the actual tax rate as a percentage will increase from 1.35 to 1.55. I did some others in newer areas that had higher mello-roos payments and the percentages got well into the 2’s
btw, Does anyone know why the 1% Tax Limit Per Prop 13 actually is 1.08%,its that way on all of the ones I review.

CURRENT @ 686,000
1% TAX LIMIT PER PROP 13……..$7,399.12 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.01%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.23%
MCWD WATER STANDBY……………..$21.00 0.00%
MCWD SEWER STANDBY……………..$21.00 0.00%
TOTAL TAX $/%……………….$9,275.44 1.35%

PURCHASE @ 400,000
1% TAX LIMIT PER PROP 13……..$4,320.00 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.03%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.40%
MCWD WATER STANDBY……………..$21.00 0.01%
MCWD SEWER STANDBY……………..$21.00 0.01%
TOTAL TAX $/%……………….$6,196.32 1.55%

[pizzaman]

TG, If I understand your question you may be able to find your answer at the County property tax website here https://taxpayments.co.riverside.ca.us/Search.aspx . (Note – It appears as though it is unavailable until August 1 because of end of year processing). Armed with the assessment number included in the listing you can retrieve a breakdown of the current taxes. I believe that the only amount that recalculates is the 1% general obligation which is the first line item, the rest are known fixed amounts. I have tried to analyze some potential purchases in Murrieta and have included one below. If my numbers are right although the tax amount in dollars is reduced in my example by roughly 1/3 the actual tax rate as a percentage will increase from 1.35 to 1.55. I did some others in newer areas that had higher mello-roos payments and the percentages got well into the 2’s
btw, Does anyone know why the 1% Tax Limit Per Prop 13 actually is 1.08%,its that way on all of the ones I review.

CURRENT @ 686,000
1% TAX LIMIT PER PROP 13……..$7,399.12 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.01%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.23%
MCWD WATER STANDBY……………..$21.00 0.00%
MCWD SEWER STANDBY……………..$21.00 0.00%
TOTAL TAX $/%……………….$9,275.44 1.35%

PURCHASE @ 400,000
1% TAX LIMIT PER PROP 13……..$4,320.00 1.08%
FLD CNTL STORMWATER/CLEANWATER……$4.08 0.00%
CSA 152-MURRIETA STORMWATER……..$10.00 0.00%
MURRIETA CSD…………………..$45.44 0.01%
MURRIETA PARKS & REC……………$45.00 0.01%
MURRIETA FIRE PROTECTION………..$40.00 0.01%
MURRIETA L&L 5………………..$101.48 0.03%
MURRIETA CO WATER CFD 99-1……$1,588.32 0.40%
MCWD WATER STANDBY……………..$21.00 0.01%
MCWD SEWER STANDBY……………..$21.00 0.01%
TOTAL TAX $/%……………….$6,196.32 1.55%

[EconProf]

Pizzaman: The old 1% rule under Proposition 13 has been eroding for a long time due to voter-approved measures, such as bonded debt, that allows the government entities to push the real figure up. I always assume 1.15%, excluding Mello Roos when making projections. But wow, it looks like they’ve really blown the lid off in your example.
I think we will soon see some court challenges to county tax assessors that are too slow to lower assessments to get more in line with reality. Government officials have an incentive to pretend values are holding up.

[EconProf]

Pizzaman: The old 1% rule under Proposition 13 has been eroding for a long time due to voter-approved measures, such as bonded debt, that allows the government entities to push the real figure up. I always assume 1.15%, excluding Mello Roos when making projections. But wow, it looks like they’ve really blown the lid off in your example.
I think we will soon see some court challenges to county tax assessors that are too slow to lower assessments to get more in line with reality. Government officials have an incentive to pretend values are holding up.

[EconProf]

Pizzaman: The old 1% rule under Proposition 13 has been eroding for a long time due to voter-approved measures, such as bonded debt, that allows the government entities to push the real figure up. I always assume 1.15%, excluding Mello Roos when making projections. But wow, it looks like they’ve really blown the lid off in your example.
I think we will soon see some court challenges to county tax assessors that are too slow to lower assessments to get more in line with reality. Government officials have an incentive to pretend values are holding up.

[EconProf]

Pizzaman: The old 1% rule under Proposition 13 has been eroding for a long time due to voter-approved measures, such as bonded debt, that allows the government entities to push the real figure up. I always assume 1.15%, excluding Mello Roos when making projections. But wow, it looks like they’ve really blown the lid off in your example.
I think we will soon see some court challenges to county tax assessors that are too slow to lower assessments to get more in line with reality. Government officials have an incentive to pretend values are holding up.

[Author]

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