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What is the maximum amount property taxes can be per tax year?
1% of the property’s full cash value
What are the three types of real estate related taxes?
Property taxes
Special Assessments
Documentary transfer taxes
One-time taxes levied on properties to pay for improvement s that, ideally, will increase the overall values on the properties benefiting from and paying for the special assessment.
Tax Value
A percentage of the sale price of the property.
What are some examples of tax exemptions available to property owners in California?
Nonprofit and religious, charitable or hospital related organizations
Owner-occupied residences qualify for a $7000 reduction in the taxable value of the property.
A disabled war veteran, who is totally disabled
Senior citizens and disabled people may qualify for property tax postponement.
What are examples of a special assessment?
Sewer or water line construction
Street pavement
Curb and sidewalk repair
Access to public utilities
Police or fire protection
Parking structures
Documentary Tax Transfer
A tax levied by a county or city when properties transfer ownership.
What limits does Section 110.0 of California’s Revenue an dTaxation Code outline regarding property tax amounts?
The maximum amount property taxes can be per tax year is 1% of the property’s full cash value and cannot be 2% greater than the previous years tax bill.
What happens if property taxes have not been paid in full after the redemption period?
The property is deeded to the State of California and sold to collect on the tax owed.
How is the documentary tax value determined?
By a percentage of the sales price of the house.
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