Selling Los Angeles

Property taxes! Everyone’s favorite topic. Okay, maybe not, but the more you know the better off you are.   When I sell a property, I always let my buyers know their property tax will be about 1.25% of the price they paid for their house. The actual calculation is more complicated, but in general, 1.25% is a good estimate.   The next question buyers have is how much will property taxes go up? Proposition 13, also called “The People’s Initiative to Limit Property Tax” protects homeowners from property tax increases of more than 2% per year. In certain circumstances, It is also possible for your property taxes to decrease.   The next tip is for anyone over 55! Residents over 55 in Riverside County, Los Angeles County, and San Diego County can keep the tax base of their current primary residence if they buy another primary residence of equal or lesser value. This is a really great opportunity for people who have owned a home for a number of years and are looking to downsize.   This week, my hot property is a gor