CALIFORNIA TAXES
California levies both property taxes and a state income tax.
California property tax amounts to 1% of the purchase price. Local governments can assess up to another .25%. Annual property tax increases are limited to no more than 2%; they are not based on a reassessment of the value of your property.
This low tax rate was established in the late 1970s by Proposition 13. Subsequent legislation—Propositions 60 and 90—may provide a tax savings to homeowners 55 and over who are moving between certain counties within California.
California state income tax is based on your taxable income. For a calculation, see the Franchise Tax Board’s Automatic Tax Table.
Understanding:
Supplemental Property Taxes
They have been with us since July 1983, but homeowners still may not know what
they are and how they affect them and their pocketbooks.
Phone (805) 906-1001
RE/MAX Olson & Associates, Inc. - North Ranch Office - 3835 E. Thousand Oaks
Blvd., Suite K - Thousand Oaks, CA 91362
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