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Millage Rate

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timindp

Junior Member
Joined
Jul 6, 2007
Professional Status
Certified Residential Appraiser
State
California
I hate this. Got a condition on a new re-build property. Purchase price is $4,650,000 in Orange County, CA. I am looking everywhere online to find out the millage rate and to calculate the property taxes for this new build. The condition is as follows
"Appraiser to please correct estimated property taxes based on Prop 13 using current tax millage rate times sale price. The information from tax.rate.com is a median for the area, including homes with much lower taxes due to prop 13 and is not applicable to new purchase"

I cannot find anything under Prop 13 and millage rate.

Any Ideas?
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
I hate this. Got a condition on a new re-build property. Purchase price is $4,650,000 in Orange County, CA. I am looking everywhere online to find out the millage rate and to calculate the property taxes for this new build. The condition is as follows
"Appraiser to please correct estimated property taxes based on Prop 13 using current tax millage rate times sale price. The information from tax.rate.com is a median for the area, including homes with much lower taxes due to prop 13 and is not applicable to new purchase"

I cannot find anything under Prop 13 and millage rate.

Any Ideas?

https://smartasset.com/taxes/california-property-tax-calculator#pqTu4fxZfI
 

timindp

Junior Member
Joined
Jul 6, 2007
Professional Status
Certified Residential Appraiser
State
California
I am on that website. Though the assessed value is the same as the purchase price since it is a new construction home?
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Does subject have Mello Roos or other special assessments? Why not call the Orange County Assessor's office to get the projected taxes based on the sale price? Except, the taxes on the effective date of the appraisal will be different than taxes after the sale, right?
 

timindp

Junior Member
Joined
Jul 6, 2007
Professional Status
Certified Residential Appraiser
State
California
No mello roos. Total special assessments are $327.74 but that was based on the previous dwelling that was on the lot which has been torn down now and the new home built on that lot. It's always a challenge to get a hold of someone at the tax office especially on Friday.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
I hate this. Got a condition on a new re-build property. Purchase price is $4,650,000 in Orange County, CA. I am looking everywhere online to find out the millage rate and to calculate the property taxes for this new build. The condition is as follows
"Appraiser to please correct estimated property taxes based on Prop 13 using current tax millage rate times sale price. The information from tax.rate.com is a median for the area, including homes with much lower taxes due to prop 13 and is not applicable to new purchase"

I cannot find anything under Prop 13 and millage rate.

Any Ideas?

My answer to the condition would be: Not my job.
 

PL1957

Senior Member
Joined
Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
My answer to the condition would be: Not my job.
Of course it your job. Real estate taxes are often the highest expense. They definitely have an impact on value as well as marketability.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
it your job
Honestly, it isn't. Cite USPAP. Yes RE taxes impact value. Ideally in a given area tax "equalization" would mean exactly that. It doesn't. Exemptions for vets, disabled, over 65, homestead, double homestead, pioneer, Indian tribal exemption, improvement districts, agri exemptions, etc. render the actual tax meaningless. Oklahoma sanctioned an appraiser in part for putting "$0" down when that was exactly the tax for the homeowner. They argued he should have made additional commentary that the taxes reflected the exemption. OK? what says the next guy would not have exactly the same exempt status? Or that it would matter? Show me where anyone picks one house over the adjacent one in the same tax district because of taxes.

My neighbor bought his lawnmower thru his uncle to get it sales tax free in the adjacent state...talk about punitive taxes. I bought mine tax free because I have a farm and use it to mow around my barns. Our tax system is badly broken and unfixable.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Of course it your job. Real estate taxes are often the highest expense. They definitely have an impact on value as well as marketability.
My job is to report taxes, not estimate them. Of course, YMMV. :)
 
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