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Taxes in CA
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   Questions from Mortgage Professionals-> Questions about Mortgage LendingMessage format
 
Anonymous
Posted 7/16/2007 10:36 PM (#1548)
Subject: Taxes in CA
When a home is purchased in CA, the property taxes are re-assesed correct? Will the new est prop tax be considered for underwriting debt ratios and impound account payment or the existing tax amount? Also, should I warn borrowers of upcoming supplementals, are they always a guarantee? How do I estimate these? Thanks all!
JohnI
Posted 7/16/2007 11:04 PM (#1550 - in reply to #1548)
Subject: RE: Taxes in CA
Posts: 92
Location: Las Vegas
I find it best to only deal with the current taxes on the property. While it may be reassessed in the future it is not done 100% of the time. When it comes to underwriting they will only be using the current tax as shown by the assessor, unless the property is new construction. If its new construction then you will quite often be forced to use a percentage of the purchase price to determine the amount of taxes for impound as well as underwriting.

Lastly, if you find that the last sales transaction took place at a vastly lower price than your current transaction, you can warn your client that the property will most likely be reassessed to bring it up to true market value.

Best,
John I
Anonymous
Posted 7/17/2007 1:01 AM (#1554 - in reply to #1548)
Subject: RE: Taxes in CA
Thanks for the tip
starfox
Posted 7/1/2008 12:07 AM (#1781 - in reply to #1548)
Subject: RE: Taxes in CA
Posts: 10
The tax rate is about 1% plus any bond payments, but watch out Mello-Roos bonds can be 2% more. If the state thinks you paid too little for your property they will hit you for more money but you can contest it.
jtrenton
Posted 9/15/2008 4:21 PM (#1854 - in reply to #1548)
Subject: RE: Taxes in CA
Posts: 6
Are you referring to California or Canada?
bobbykorey
Posted 9/17/2008 8:08 AM (#1856 - in reply to #1781)
Subject: RE: Taxes in CA
[QUOTE]starfox - 7/1/2008 12:07 AM

The tax rate is about 1% plus any bond payments, but watch out Mello-Roos bonds can be 2% more. If the state thinks you paid too little for your property they will hit you for more money but you can contest it.[/QUOTE]

I completely agree with you Starfox, If the Mello-Roos bonds are issued by the CFD, special taxes will be charged annually until the bonds are paid off in full. Often, after bonds are paid off, a CFD will continue to charge a reduced fee to maintain the improvements.
CaliforniaMortgage
Posted 10/29/2008 9:30 PM (#1891 - in reply to #1548)
Subject: RE: Taxes in CA
Posts: 5
Location: California
Nice reply John L. That's almost word for word what I would've said.
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