Tax Assessment Disparity

[Raymond]

Shenandoah Ave in San Marcos (Discovery Hills sub) has 2 homes for sale that I’m looking at. One has a tax assessment for the land value at $345,000 and the other is assessed at $65,399

Why such a huge gap? Any ideas? The lot size are about equal. Thanks.

Raymond

[Bugs]

The amounts of the tax assessments will vary widely based on what their prior sales prices were like. If the most recent sale on one of them was in 2000 and their other in 2005 the assessments for each would be different by 100% or more. And those differences would be divided by land and improvements, the former showing more increase than the latter.

Regardless, the properties will be reassessed again if/when they sell, and those assessments will be based on the sale prices.

Other than that, I’d suggest you stop looking at assessments altogether. You’re not going to learn anything relevant about the property from an assessment.

[Raymond]

Thanks Bugs. As a potential buyer comparing ownership costs between the two: one will cost $599/month in property taxes while the other will cost $219/month and this factor is affecting my choice. Am I looking at this right, and are assessments done annually?

One more question please, for anyone who knows the answer out there.

I want to move to San Diego (from another state) for family reasons. For mortgage rates considerations, is it better to move to the state first before buying a home or try and buy before I move? Thanks.

Raymond

[equalizer]

You want to buy before moving here without knowing anything about taxes here? Just chill out and rent for a while and get to know the area. BTW, due to prop 13, the taxes are about 1.1% of purchase prices with 2% increase annually. Then there are Mello-Roos which pays for schools and road, 20-40 year bonds that run 100-500 a month. Don’t forget Home owners fee which can run 50-300 a month on average. Prior assessment is N/A.

[Bugs]

As EQ said, the property gets reassessed automatically when it sells. Thereafter, the maximum the assessment can increase is 2%/year. That’s probably why the one property has such a low assessment right now and the other one doesn’t.

In other words, if both properties were to sell for $400,000 each, they’d both wind up with identical or nearly identical assessments of about $4,500/year. The assessment is based on the most recent sale price.

[patientlywaiting]

People from other parts of the country might not be familiar with Prop 13. In ohter parts of the country, properties are reassessed every year and owners are taxed on a assessed value, regardless of when the property was purchased.

[patientlywaiting]

People from other parts of the country might not be familiar with Prop 13. In ohter parts of the country, properties are reassessed every year and owners are taxed on a assessed value, regardless of when the property was purchased.

[patientlywaiting]

People from other parts of the country might not be familiar with Prop 13. In ohter parts of the country, properties are reassessed every year and owners are taxed on a assessed value, regardless of when the property was purchased.

[patientlywaiting]

People from other parts of the country might not be familiar with Prop 13. In ohter parts of the country, properties are reassessed every year and owners are taxed on a assessed value, regardless of when the property was purchased.

[patientlywaiting]

People from other parts of the country might not be familiar with Prop 13. In ohter parts of the country, properties are reassessed every year and owners are taxed on a assessed value, regardless of when the property was purchased.

[Bugs]

As EQ said, the property gets reassessed automatically when it sells. Thereafter, the maximum the assessment can increase is 2%/year. That’s probably why the one property has such a low assessment right now and the other one doesn’t.

In other words, if both properties were to sell for $400,000 each, they’d both wind up with identical or nearly identical assessments of about $4,500/year. The assessment is based on the most recent sale price.

[Bugs]

As EQ said, the property gets reassessed automatically when it sells. Thereafter, the maximum the assessment can increase is 2%/year. That’s probably why the one property has such a low assessment right now and the other one doesn’t.

In other words, if both properties were to sell for $400,000 each, they’d both wind up with identical or nearly identical assessments of about $4,500/year. The assessment is based on the most recent sale price.

[Bugs]

As EQ said, the property gets reassessed automatically when it sells. Thereafter, the maximum the assessment can increase is 2%/year. That’s probably why the one property has such a low assessment right now and the other one doesn’t.

In other words, if both properties were to sell for $400,000 each, they’d both wind up with identical or nearly identical assessments of about $4,500/year. The assessment is based on the most recent sale price.

[Bugs]

As EQ said, the property gets reassessed automatically when it sells. Thereafter, the maximum the assessment can increase is 2%/year. That’s probably why the one property has such a low assessment right now and the other one doesn’t.

In other words, if both properties were to sell for $400,000 each, they’d both wind up with identical or nearly identical assessments of about $4,500/year. The assessment is based on the most recent sale price.

[equalizer]

You want to buy before moving here without knowing anything about taxes here? Just chill out and rent for a while and get to know the area. BTW, due to prop 13, the taxes are about 1.1% of purchase prices with 2% increase annually. Then there are Mello-Roos which pays for schools and road, 20-40 year bonds that run 100-500 a month. Don’t forget Home owners fee which can run 50-300 a month on average. Prior assessment is N/A.

[equalizer]

You want to buy before moving here without knowing anything about taxes here? Just chill out and rent for a while and get to know the area. BTW, due to prop 13, the taxes are about 1.1% of purchase prices with 2% increase annually. Then there are Mello-Roos which pays for schools and road, 20-40 year bonds that run 100-500 a month. Don’t forget Home owners fee which can run 50-300 a month on average. Prior assessment is N/A.

[equalizer]

You want to buy before moving here without knowing anything about taxes here? Just chill out and rent for a while and get to know the area. BTW, due to prop 13, the taxes are about 1.1% of purchase prices with 2% increase annually. Then there are Mello-Roos which pays for schools and road, 20-40 year bonds that run 100-500 a month. Don’t forget Home owners fee which can run 50-300 a month on average. Prior assessment is N/A.

[equalizer]

You want to buy before moving here without knowing anything about taxes here? Just chill out and rent for a while and get to know the area. BTW, due to prop 13, the taxes are about 1.1% of purchase prices with 2% increase annually. Then there are Mello-Roos which pays for schools and road, 20-40 year bonds that run 100-500 a month. Don’t forget Home owners fee which can run 50-300 a month on average. Prior assessment is N/A.

[SD Realtor]

Raymond, if you can, try to rent for a year or so before you buy. I could not recommend that strongly enough.

SD Realtor

[vagabondo]

Correction – some states may assess annually while others vary. We moved from PA to CA in 2006. The last assessment in PA was 1999.

[vagabondo]

Correction – some states may assess annually while others vary. We moved from PA to CA in 2006. The last assessment in PA was 1999.

[vagabondo]

Correction – some states may assess annually while others vary. We moved from PA to CA in 2006. The last assessment in PA was 1999.

[vagabondo]

Correction – some states may assess annually while others vary. We moved from PA to CA in 2006. The last assessment in PA was 1999.

[vagabondo]

Correction – some states may assess annually while others vary. We moved from PA to CA in 2006. The last assessment in PA was 1999.

[SD Realtor]

As Bugs said all you really need to do is look at the previous sales of each home. The first one was last sold in 1997 at a price of 177k. Without any reassessment this home was limited by prop13 for how much it could increase each year. Obviously this is the one with the 66k land assessment. The other one was sold back in 2005 for a price of 575k and the assessment is obviously much higher.

Again though, I would rent for awhile before buying.

SD Realtor

[Raymond]

The tax assessment info was very helpful, thanks. I think that’s a better system than where I live now. Some here are taxed out of their homes they bought decades ago. The county takes an annual valuation average for a district then applies that rate to all homeowners in that district. And in today’s sky high valuations……you see the picture.

I used to live in the Monterey peninsula back in the 80’s and even then I liked San Diego’s location, people mix and weather. So the area would not be a complete unknown.

~Ray

[Raymond]

The tax assessment info was very helpful, thanks. I think that’s a better system than where I live now. Some here are taxed out of their homes they bought decades ago. The county takes an annual valuation average for a district then applies that rate to all homeowners in that district. And in today’s sky high valuations……you see the picture.

I used to live in the Monterey peninsula back in the 80’s and even then I liked San Diego’s location, people mix and weather. So the area would not be a complete unknown.

~Ray

[Raymond]

The tax assessment info was very helpful, thanks. I think that’s a better system than where I live now. Some here are taxed out of their homes they bought decades ago. The county takes an annual valuation average for a district then applies that rate to all homeowners in that district. And in today’s sky high valuations……you see the picture.

I used to live in the Monterey peninsula back in the 80’s and even then I liked San Diego’s location, people mix and weather. So the area would not be a complete unknown.

~Ray

[Raymond]

The tax assessment info was very helpful, thanks. I think that’s a better system than where I live now. Some here are taxed out of their homes they bought decades ago. The county takes an annual valuation average for a district then applies that rate to all homeowners in that district. And in today’s sky high valuations……you see the picture.

I used to live in the Monterey peninsula back in the 80’s and even then I liked San Diego’s location, people mix and weather. So the area would not be a complete unknown.

~Ray

[Raymond]

The tax assessment info was very helpful, thanks. I think that’s a better system than where I live now. Some here are taxed out of their homes they bought decades ago. The county takes an annual valuation average for a district then applies that rate to all homeowners in that district. And in today’s sky high valuations……you see the picture.

I used to live in the Monterey peninsula back in the 80’s and even then I liked San Diego’s location, people mix and weather. So the area would not be a complete unknown.

~Ray

[SD Realtor]

As Bugs said all you really need to do is look at the previous sales of each home. The first one was last sold in 1997 at a price of 177k. Without any reassessment this home was limited by prop13 for how much it could increase each year. Obviously this is the one with the 66k land assessment. The other one was sold back in 2005 for a price of 575k and the assessment is obviously much higher.

Again though, I would rent for awhile before buying.

SD Realtor

[SD Realtor]

As Bugs said all you really need to do is look at the previous sales of each home. The first one was last sold in 1997 at a price of 177k. Without any reassessment this home was limited by prop13 for how much it could increase each year. Obviously this is the one with the 66k land assessment. The other one was sold back in 2005 for a price of 575k and the assessment is obviously much higher.

Again though, I would rent for awhile before buying.

SD Realtor

[SD Realtor]

As Bugs said all you really need to do is look at the previous sales of each home. The first one was last sold in 1997 at a price of 177k. Without any reassessment this home was limited by prop13 for how much it could increase each year. Obviously this is the one with the 66k land assessment. The other one was sold back in 2005 for a price of 575k and the assessment is obviously much higher.

Again though, I would rent for awhile before buying.

SD Realtor

[SD Realtor]

As Bugs said all you really need to do is look at the previous sales of each home. The first one was last sold in 1997 at a price of 177k. Without any reassessment this home was limited by prop13 for how much it could increase each year. Obviously this is the one with the 66k land assessment. The other one was sold back in 2005 for a price of 575k and the assessment is obviously much higher.

Again though, I would rent for awhile before buying.

SD Realtor

[SD Realtor]

Raymond, if you can, try to rent for a year or so before you buy. I could not recommend that strongly enough.

SD Realtor

[SD Realtor]

Raymond, if you can, try to rent for a year or so before you buy. I could not recommend that strongly enough.

SD Realtor

[SD Realtor]

Raymond, if you can, try to rent for a year or so before you buy. I could not recommend that strongly enough.

SD Realtor

[SD Realtor]

Raymond, if you can, try to rent for a year or so before you buy. I could not recommend that strongly enough.

SD Realtor

[Raymond]

Thanks Bugs. As a potential buyer comparing ownership costs between the two: one will cost $599/month in property taxes while the other will cost $219/month and this factor is affecting my choice. Am I looking at this right, and are assessments done annually?

One more question please, for anyone who knows the answer out there.

I want to move to San Diego (from another state) for family reasons. For mortgage rates considerations, is it better to move to the state first before buying a home or try and buy before I move? Thanks.

Raymond

[Raymond]

Thanks Bugs. As a potential buyer comparing ownership costs between the two: one will cost $599/month in property taxes while the other will cost $219/month and this factor is affecting my choice. Am I looking at this right, and are assessments done annually?

One more question please, for anyone who knows the answer out there.

I want to move to San Diego (from another state) for family reasons. For mortgage rates considerations, is it better to move to the state first before buying a home or try and buy before I move? Thanks.

Raymond

[Raymond]

Thanks Bugs. As a potential buyer comparing ownership costs between the two: one will cost $599/month in property taxes while the other will cost $219/month and this factor is affecting my choice. Am I looking at this right, and are assessments done annually?

One more question please, for anyone who knows the answer out there.

I want to move to San Diego (from another state) for family reasons. For mortgage rates considerations, is it better to move to the state first before buying a home or try and buy before I move? Thanks.

Raymond

[Raymond]

Thanks Bugs. As a potential buyer comparing ownership costs between the two: one will cost $599/month in property taxes while the other will cost $219/month and this factor is affecting my choice. Am I looking at this right, and are assessments done annually?

One more question please, for anyone who knows the answer out there.

I want to move to San Diego (from another state) for family reasons. For mortgage rates considerations, is it better to move to the state first before buying a home or try and buy before I move? Thanks.

Raymond

[Bugs]

The amounts of the tax assessments will vary widely based on what their prior sales prices were like. If the most recent sale on one of them was in 2000 and their other in 2005 the assessments for each would be different by 100% or more. And those differences would be divided by land and improvements, the former showing more increase than the latter.

Regardless, the properties will be reassessed again if/when they sell, and those assessments will be based on the sale prices.

Other than that, I’d suggest you stop looking at assessments altogether. You’re not going to learn anything relevant about the property from an assessment.

[Bugs]

The amounts of the tax assessments will vary widely based on what their prior sales prices were like. If the most recent sale on one of them was in 2000 and their other in 2005 the assessments for each would be different by 100% or more. And those differences would be divided by land and improvements, the former showing more increase than the latter.

Regardless, the properties will be reassessed again if/when they sell, and those assessments will be based on the sale prices.

Other than that, I’d suggest you stop looking at assessments altogether. You’re not going to learn anything relevant about the property from an assessment.

[Bugs]

The amounts of the tax assessments will vary widely based on what their prior sales prices were like. If the most recent sale on one of them was in 2000 and their other in 2005 the assessments for each would be different by 100% or more. And those differences would be divided by land and improvements, the former showing more increase than the latter.

Regardless, the properties will be reassessed again if/when they sell, and those assessments will be based on the sale prices.

Other than that, I’d suggest you stop looking at assessments altogether. You’re not going to learn anything relevant about the property from an assessment.

[Bugs]

The amounts of the tax assessments will vary widely based on what their prior sales prices were like. If the most recent sale on one of them was in 2000 and their other in 2005 the assessments for each would be different by 100% or more. And those differences would be divided by land and improvements, the former showing more increase than the latter.

Regardless, the properties will be reassessed again if/when they sell, and those assessments will be based on the sale prices.

Other than that, I’d suggest you stop looking at assessments altogether. You’re not going to learn anything relevant about the property from an assessment.

[Author]

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