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Property Tax Implications Of Purchasing San Diego Real Estate

Below is general discussion of variouscharge on the property tax bill. The duration
factors impacting property taxes in Sanof Mello-Roos fees are linked to the amount
Diego, California. The reader should consultof time needed to pay off the bond, which is
their tax advisor for definitive guidancetypically 20-25 years. Mello-Roos fees range
about property tax issues and not rely soleyfrom $174 to over $3000 annually, and the
on  the  informaton  below.average fee for San Diego communities was
$1,488  in  2006.
Property tax rates are capped in California
due to the passage of Proposition 13 in 1978To get a general idea about the amount of
("Prop 13"). Prop 13 was a ballot measureproperty taxes you would owe annually on a
approved by the voters of California to limitproperty, multiply the purchase price of the
property tax increases. The legislation alsoproperty by 1.2%. For example, if you
mandated that any future increases inpurchased a $400,000 home, your annual tax
property tax rates have the support ofdue would be around $4,800, plus special
two-thirds of the Legislature for approval.assessments (if applicable), and Mello-Roos
This provision dramatically limited thefees  (if  applicable).
ability of the legislature to increase taxes.
Consumers should be aware that tax rates for
The property tax rate in California is 1% ofa particular area can increase as news bonds
the assessed value of real estate, plus anyare added or decrease if bonds are paid off.
bonds, fees and special charges. PropertiesIn addition, Special Asssessments (if any)
can only be reassessed when there is a changefor new infrastructure can also impact tax
in ownership or when new construction isrates.
completed. Unless one of these reassessment
conditions exists, Prop 13 allows for annualWhen considering the purchase of real estate,
increases  of up to 2% of a property's value.single-family homes, condominiums or
townhomes in San Diego (particularly in newer
The passage of Prop 13 dramatically limitedcommunities), propspective buyers should find
the legislatures ability to increase taxes.out if the property has Mello-Ross or other
Despite this, municipalities desired aSpecial Assessment fees, how long these fees
mechanism to subsidize the building ofwill continue, and if the fees increase
infrastructure for new developments, so inannually.
1982, the Capital Facilities Act was passed.
The act is better known by its legislativeOver 1 million tax bills are sent out every
authors, Senator Henry Mello and Assemblymanyear in San Diego County by the County Tax
Mike  Roos  (i.e.  Mell-Roos  Assessment).Collector. The tax period in San Diego covers
the period from July 1st to June 30th. The
According to the San Diego County Assessor,amount owed is based on the assessed value of
"Mello-Roos districts are established bythe property as of January 1st. The tax bill
local governments at the request of ais mailed out in September or early October,
developer to finance specific publicand is due in two equal installments; first
facilities and services such as schools,payment is due December 10th and the second
roads and libraries. Mello-Roos districtspayment is due April 10th. State law does not
were authorized by state law in 1982. Thisallow for extensions to pay the tax bill and
law allows any public agency to establish alate payments are subject to a penalty of 18%
Mello-Roos district, which then can issue theAPR. For those wishing to pay by credit card,
necessary tax-exempt bonds and impose fees tothe Discover Card is the only option at this
pay off these bonds." Communities ortime.
districts that impose a Mello-Roos fee are
distributed throughout the County but areFor more information about property tax
most  common  is  large  new  subdivisions.issues in San Diego or to obtain a definative
answer to your property tax questions,
In addition to the 1% tax rate allowed bycontact the San Diego County Assessor or your
Prop 13, Mello-Roos fees are a separatetax professional.



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