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.

[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.

[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

[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.

[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.

[Author]

Posts