Is property taxes based on purchase price in la county.

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January 26 2010 - Los Angeles

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Justin Kennedy
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if your planning on having an impound account some lenders will require to impound current assesed rate or 1.25% of the purchase price, which ever is greater. this can cuase a higher monthly payment and/or effect on your abilty to qualifiy.

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February 11 2010

Vince Curtis, "SoCal Appraiser"
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Also best place to find out more information on property taxes is with the assessor's office...

http://assessor.lacounty.gov/extranet/

If you dont find your answers on the website, you can call them (best to call a local office, not the main line)..

http://assessor.lacounty.gov/extranet/contactus/pubPhone.aspx

Homes purchased within the last few years, when prices were high, may have considered for an automatic 'decline in value'. Again, more info on this on their website.

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February 10 2010

Danny Brown, "dannybrown"
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Initially your property tax of approximately 1.25% will be based on your purchase price until it's assessed by the County. Then, it will go up or down based on the country assessor's office assessment of the property value. The taxes are billed twice a year in February (due in April) and November (due in December). You can speak with your lender if you prefer to pay taxes monthly rather than bi-annually. They can generally set up an escrow account for you to do this.

Danny Brown Homes

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February 08 2010

HomeSand.net, "White Picture"
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Yes, the property taxes is based on purchase price, the tax rates are from 1.15% - 1.25%, which was depended on the city that you are located (1% state tax + from .15% to .25% local tax).