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SPECIAL SAN DIEGO PROPERTY TAXES
MELLO-ROOS TAX:
A simplified definition is that this tax was established
for newer developments built since 1982 to pay for a broad array of public
facilities and services such as parks, school buildings, libraries, etc.
to be used by each specific development. Once levied, this tax is collected
twice a year and included in your property tax bill. The tax will vary
from area to area depending on what is needed and can add up to an additional
.75% to your property tax bill.
SUPPLEMENTAL PROPERTY TAX:
All buyers in the San Diego County areas will receive this one time only tax bill anywhere from 3 to 6 months after close of escrow. A formula is used to determine the tax bill. Once you have decided on a specific property you can call the Tax Assessor's office at (877) 829-4732 for an estimate of what your supplemental tax bill will be.
RANCHO SANTA FE COVENANT REAL ESTATE TAX:
Buyers who buy inside the Covenant of Rancho
Santa Fe real estate pay an addition yearly
tax of 14 cents per $100 of purchase price.
This money is used by the Ranch Santa Fe Association
to maintain the landscaping, etc. within the
covenant.
CAN YOU DEDUCT PROPERTY TAXES?
All property taxes on real estate are deductible against current income taxes.
IS PROPERTY TAX DEDUCTIBLE ON A SECOND HOME?
Property taxes and mortgage interest are deductible if you itemize. Always
consult your tax adviser for details.
HOW MUCH ARE MY PROPERTY TAXES?
In San Diego they vary depending on the area from 1% to 1.25% of the purchase price. Over 61% of this money goes to the schools.
DO I HAVE TO HAVE AN IMPOUND TAX ACCOUNT?
It depends on the type of loan you get and how much money you put down. You can also choose to have your property taxes and hazard insurance impounded by the lender.
SPECIAL SENIORS PROPERTY TAX EXEMPTION: All seniors who own a home with low property tax in San Diego may sell their current home and take a one time only tax exemption and keep their low taxes on the new home they purchase.
They must buy their new home within two years, and the house must be the same price or lower priced. If they take the full two years to buy, they can buy a slightly more expensive home. They may also buy a home in 7 other counties in California and keep their old property tax basis. Call Jane who has been trained as a SRES (Seniors Real Estate Specialist). She can show you your different options in keeping your lower tax basis and discuss your different options for preserving your wealth using 1031 tax deferred exchanges, trust, etc.
As your Realtor, Jane Foster keeps you apprised on
the special San Diego property taxes that apply to
your future home. It is another reason to contact
Jane Foster as your...
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