Calculating Property Taxes
I often get asked what property taxes for a given property...
A good rule of thumb to calculate property taxes in the Santa Barbara area is to take the sales price and multiple it by 1.125%. That will give you an estimate on your yearly property tax figure, then you can divide by 12 to see what that looks like per month. So factoring a $1 million sales price, your property taxes would be around $11,250 per year or $937.50/month if you wanted to look at how it will affect your monthly payments.
The property tax figure is not listed on a property sheet, because the sales price is as of yet, unknown. The current owner pays property taxes based on what he or she purchased it for, and if they have owned it a long time, they may be paying taxes based on a $200-300k purchase price instead of a $1 million purchase price.
A good rule of thumb to calculate property taxes in the Santa Barbara area is to take the sales price and multiple it by 1.125%. That will give you an estimate on your yearly property tax figure, then you can divide by 12 to see what that looks like per month. So factoring a $1 million sales price, your property taxes would be around $11,250 per year or $937.50/month if you wanted to look at how it will affect your monthly payments.
The property tax figure is not listed on a property sheet, because the sales price is as of yet, unknown. The current owner pays property taxes based on what he or she purchased it for, and if they have owned it a long time, they may be paying taxes based on a $200-300k purchase price instead of a $1 million purchase price.
posted by Daniel Zia at 10:13 AM
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