Summer 2012 SD Housing Price Top

[Coronita]

BTW: speaking of mello ruse.. I thought I’d share the following.

In Carmel Valley, for me, total property tax 1.26%

In Mira Mesa, for me, total property tax is 1.13%

It’s interesting that while for my CV home, most of .26% was in fixed asset charges that was mello ruse and went to the DMUSD/San Dieguito school district

… for MM rental, most of the .13% went to a shitload of propositions/bonds which I have no idea goes to…… which doesn’t appear on my CV tax bill.

So it seems like while in “older” areas, they don’t have things like Mello Ruse, there’s other things going into property tax besides that base 1%….

So if one thinks “why would you want to live an an area where there is mello ruse going to the schools in the majority when one doesn’t have kids yet or kids that are graduated”…..

I guess we could say, why would one want to live in an area in which there are taxes you have to pay that go to San Diego community colleges that you and your kids will probably not use or to SDUnified schools that are way out there…”

1% TAX ON NET VALUE NET 1.00000
VOTER APPROVED BONDS:
UNIFIED BOND SAN DIEGO 1999A NET 0.00809
UNIFIED BOND SAN DIEGO 2000B NET 0.00614
UNIFIED BOND SAN DIEGO 2001C NET 0.00766
UNIFIED BOND SAN DIEGO 2002D NET 0.00985
UNIFIED BOND SAN DIEGO 2003E NET 0.01420
UNIFIED BOND SAN DIEGO SERIES 1998F REFUNDING NET 0.00312
UNIFIED BOND SAN DIEGO SERIES 1998G REFUNDING NET 0.00429
UNIFIED BOND SAN DIEGO 2006 SERIES F-1 REFUNDING NET 0.00430
UNIFIED BOND SAN DIEGO 2005 SERIES G-1 REFUNDING NET 0.00353
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2009A NET 0.00099
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2009B NET 0.00453
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2010C NET 0.00000
UNIF BOND SAN DIEGO-PROP S 11/04/08, 2010D QSCB NET 0.00000
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2003A NET 0.00117
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2003B NET 0.01033
SAN DIEGO COMM COLL-PROP N 11/07/06, SERIES 2006A NET 0.00944
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2009C NET 0.00397
SAN DIEGO COMM COLL-PROP S 11/05/02, SER 2011 REF NET 0.00089
SAN DIEGO COMM COLL-PROP N 11/07/06, SERIES 2011 NET 0.00679
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2011 NET 0.00481
SAN DIEGO CITY OPEN SPACE FACILITY DIST NO. 1 D/S NET 0.00000
SAN DIEGO CITY ZOOLOGICAL EXHIBITS – DEBT SERVICE NET 0.00500
SAN DIEGO CITY PUBLIC SAFETY COMM SYS – DEBT SERV NET 0.00000
MWD D/S REMAINDER OF SDCWA 15019999 NET 0.00370
TOTAL ON NET VALUE 1.11280

[sdrealtor]

Fwiw the vast majority of MR along the NCC are about $1,000 or less. Not sure where the old goat is buying her hay but it must be 2 day old hay.

Also people without kids going to local public schools buy in great school districts for many reasons. They know property values will hold up because upwardly mobile families will gravitiate to the area. They like being surrounded by people with those values. They tend to be nicer upscale areas. Look at CAR. She homeschools her kids and could have bought alot more house/land by moving 5 to 10 minutes east or north but she choose to pay more to live in nicer area. She may not pay MR but she paid premium for buying within certain school attendance boundaries. My next door neighbor teaches at a local Catholic school and none of their kids attended public school yet they pay a premium + MR + HOA when they could live elsewhere much cheaper.

[utcsox]

[quote=flyer]The net worth discussion–as referenced in this thread–is of particular interest to me–especially when you look at the dire statistics on that topic for 95% of US households.
[/quote]

Last month, Federal Reserve released it bulletin documented changes in U.S Family Finances. You can download the file directly on the link below:

http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf

On page 17, Table 4, you can see the family net worth by age group and percentile of income. To me, what really jump out from this table are:

1. For someone that is younger than 35 years old, the median family net worth is only 9.3k.

2. Only families net worth is in the top 10% category are more well off than in 2010 than in 2001.

The link below has a good summary of this bulletin.

A Look at Household Net Worth and Household Income By Age Group from the 2010 Survey of Consumer Finances

[bearishgurl]

[quote=flyer] . . . but many are not according to the stats.[/quote]

This is no doubt due to the most “expensive” unexpected life events which happen to MANY PEOPLE: divorce, death of a spouse and catastrophic health issues. Bad business decisions comes in fourth.

It is hard to recover from these things when you are 50+.

[flyer]

Thank you utcsox. I’ve seen other reports and graphs, but those make it crystal clear–and even more disturbing.

Yes, BG, I agree with you on all of that, and I certainly meant no disrespect, as I am just over 50 also, and realize any of those things could happen to any of us at any time.

I think a lot of younger people may feel the money train they are riding will never dry up, and that’s a very dangerous way to live–as the net worth numbers clearly prove in all age groups.

I can’t tell you how many people we’ve known who made big bucks when they were young, as my wife and I were very blessed to have done, who are now barely making it because they spent it all.

As I mentioned before, the challenge of wealth is trying to maintain it for the duration of your life.

We know we were very fortunate to have acquired the net worth we have, and thank God for that, and we hope others can do the same.

[Coronita]

[quote=flu]BTW: speaking of mello ruse.. I thought I’d share the following.

In Carmel Valley, for me, total property tax 1.26%

In Mira Mesa, for me, total property tax is 1.13%

It’s interesting that while for my CV home, most of .26% was in fixed asset charges that was mello ruse and went to the DMUSD/San Dieguito school district

… for MM rental, most of the .13% went to a shitload of propositions/bonds which I have no idea goes to…… which doesn’t appear on my CV tax bill.

So it seems like while in “older” areas, they don’t have things like Mello Ruse, there’s other things going into property tax besides that base 1%….

So if one thinks “why would you want to live an an area where there is mello ruse going to the schools in the majority when one doesn’t have kids yet or kids that are graduated”…..

I guess we could say, why would one want to live in an area in which there are taxes you have to pay that go to San Diego community colleges that you and your kids will probably not use or to SDUnified schools that are way out there…”

1% TAX ON NET VALUE NET 1.00000
VOTER APPROVED BONDS:
UNIFIED BOND SAN DIEGO 1999A NET 0.00809
UNIFIED BOND SAN DIEGO 2000B NET 0.00614
UNIFIED BOND SAN DIEGO 2001C NET 0.00766
UNIFIED BOND SAN DIEGO 2002D NET 0.00985
UNIFIED BOND SAN DIEGO 2003E NET 0.01420
UNIFIED BOND SAN DIEGO SERIES 1998F REFUNDING NET 0.00312
UNIFIED BOND SAN DIEGO SERIES 1998G REFUNDING NET 0.00429
UNIFIED BOND SAN DIEGO 2006 SERIES F-1 REFUNDING NET 0.00430
UNIFIED BOND SAN DIEGO 2005 SERIES G-1 REFUNDING NET 0.00353
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2009A NET 0.00099
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2009B NET 0.00453
UNIF BOND SAN DIEGO-PROP S 11/04/08, SERIES 2010C NET 0.00000
UNIF BOND SAN DIEGO-PROP S 11/04/08, 2010D QSCB NET 0.00000
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2003A NET 0.00117
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2003B NET 0.01033
SAN DIEGO COMM COLL-PROP N 11/07/06, SERIES 2006A NET 0.00944
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2009C NET 0.00397
SAN DIEGO COMM COLL-PROP S 11/05/02, SER 2011 REF NET 0.00089
SAN DIEGO COMM COLL-PROP N 11/07/06, SERIES 2011 NET 0.00679
SAN DIEGO COMM COLL-PROP S 11/05/02, SERIES 2011 NET 0.00481
SAN DIEGO CITY OPEN SPACE FACILITY DIST NO. 1 D/S NET 0.00000
SAN DIEGO CITY ZOOLOGICAL EXHIBITS – DEBT SERVICE NET 0.00500
SAN DIEGO CITY PUBLIC SAFETY COMM SYS – DEBT SERV NET 0.00000
MWD D/S REMAINDER OF SDCWA 15019999 NET 0.00370
TOTAL ON NET VALUE 1.11280[/quote]

You know. I really found the topic of Mello Ruse interesting. So I did some research…

Actually, there’s been a lot of posting about how folks that live in a Mello Ruse area are paying a lot more taxes than areas without MR… Well so I actually did some researching and found out that it isn’t necessarily true…..

Consider the following…

Folks that live in $2.5 million+ homes in Carmel Valley off of Meadows Del Mar actually pay less property tax in total being in Carmel Valley than they probably would if they bought the same $2.5 million home in Mira Mesa (assuming it existed). Here’s why…

In both Carmel Valley and Mira Mesa, you have the standard 1% property tax. But on top of that

a) In Carmel Valley, the Mello Ruse is a fixed assessment charge of roughly $2000/year +/- $200. That’s independent of how big/much your home is.

Someone that owns a $2.5 million home off of Meadows Del Mar has an effective total property tax rate of 1.0878% if you add standard 1% tax with the fixed assessment.

b) In Mira Mesa, you don’t have Mello Ruse, but you have to pay a lot of additional taxes in turns of “special bonds”… Those are NOT fixed assessments at all, but instead calculated as percentage of your home’s value.

So… the same $2.5 million home in Mira Mesa would end up with a total property tax bill of 1.13%

If in doubt, go to the county assessors office, and punch in the street “Meadows Del Mar” and pick any of the $2.5+ million homes to see the property tax bill.

Example:

% TAX ON NET VALUE NET 1.00000 21,930.00
VOTER APPROVED BONDS:
SAN DIEGO CITY OPEN SPACE FACILITY DIST NO. 1 D/S NET 0.00000 0.00
SAN DIEGO CITY ZOOLOGICAL EXHIBITS – DEBT SERVICE NET 0.00500 109.65
SAN DIEGO CITY PUBLIC SAFETY COMM SYS – DEBT SERV NET 0.00000 0.00
MWD D/S REMAINDER OF SDCWA 15019999 NET 0.00370 81.14
TOTAL ON NET VALUE 1.00870 22120.78
FIXED CHARGE ASSMTS: PHONE
MOSQUITO SURVEILLANC 800-273-5167 3.00
DEL MAR ELEM CFD95-1 877-250-1503 988.54
SAN DIEGUITO CFD95-1 760-753-6491 Ext. 5532 855.00
MWD WTR STANDBY CHRG 866-807-6864 11.50
CWA WTR AVAILABILITY 858-522-6900 10.00
VECTOR DISEASE CTRL 800-273-5167 5.86
TOTAL AMOUNT 23994.68

And with that, at least in the case of CV, you know that money is going directly to the DMUSD/San Diegito (your school in your hood) and/or your area’s infrastructure…. In other older areas without MR, that money is going elsewhere….

And while before, there was discussion as to the tax-deductibility of Mello Ruse… Well, guess what, that isn’t an issue/questsion anymore because CA follows Federal and Federal has determined that MR is deductible.

(I know it’s a separate issue of finding a $2.5million home in MM…)

But the other lesson is this is just one more example of how the rich are richer.you end up paying close to same MR buying your multi-million dollar home as someone that buys a $600k-900k home in CV.

[Coronita]

It should be noted that in Chula Vista, the effective property tax rate is also 1.13% because you have a bunch of special bonds to pay for chula vista schools.

For example, homes off of this street that I randomly picked: Las Flores Dr, Chula Vista, CA 91910

% TAX ON NET VALUE NET 1.00000 4,121.43
VOTER APPROVED BONDS:
GEN BOND CHULA VISTA ELEM SCHOOL 1998C NET 0.00000 0.00
GEN BOND CHULA VISTA ELEM SCHOOL 1998D NET 0.00000 0.00
GEN BOND CHULA VISTA ELEM SCHOOL 1998E NET 0.00318 13.10
GEN BOND CHULA VISTA ELEM SCHOOL 1998F NET 0.00414 17.06
GEN BOND CHULA VISTA ELEM SCHOOL 1998G NET 0.00460 18.95
GEN BOND CHULA VISTA ELEM SCHOOL 2005 REF NET 0.00971 40.01
GEN BOND CHULA VISTA-PROP JJ 11/03/98, 2010 REF NET 0.00431 17.76
HIGH SCHOOL BOND SWEETWATER 2000A NET 0.00697 28.72
HIGH SCHOOL BOND SWEETWATER 2000B NET 0.00868 35.77
HIGH SCHOOL BOND SWEETWATER 2000C NET 0.01656 68.25
HIGH SCHOOL BOND SWEETWATER, PROP O-ELECTION 2006 NET 0.02858 117.79
SOUTHWESTERN COMMUNITY COLLEGE BOND 2000 NET 0.00673 27.73
SOUTHWESTERN COMMUNITY COLLEGE BOND 2000/2004 NET 0.00000 0.00
SOUTHWESTERN COMMUNITY COLLEGE BOND 2005B REF NET 0.01162 47.89
SOUTHWESTERN COMM COLL-PROP R 11/04/08 SER 2009A NET 0.00139 5.72
SOUTHWESTERN COMM COLL-PROP R 11/04/08 SER 2009B NET 0.01196 49.29
SOUTHWESTERN COMM COLL-PROP R 11/04/08 SER 2010C NET 0.00138 5.68
SOUTHWESTERN COMM COLL-PROP R 11/04/08 SER 2010D NET 0.00000 0.00
MWD D/S REMAINDER OF SDCWA 15019999 NET 0.00370 15.24
TOTAL ON NET VALUE 1.12351 4630.38
FIXED CHARGE ASSMTS: PHONE
MOSQUITO SURVEILLANC 800-273-5167 2.28
CWA WTR AVAILABILITY 858-522-6900 10.00
MWD WTR STANDBY CHRG 866-807-6864 11.50
VECTOR DISEASE CTRL 800-273-5167 5.86
TOTAL AMOUNT 4660.10

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