Re: Novice question about property tax
property value is also based on the tax assessors assessed value of the property. typically this would be the purchase price of the property. so for some folks who purchased their property quite some time ago, they may have very low property taxes compared to their next door neighbor who just bought in. I think also if you live in a newer development your taxes are sometimes higher due to the extra costs of putting in new streets, lights, etc.
I live in LA county and I pay about 1.25%. I'm not sure how they calculate the yearly increases though....
|