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What can I expect to pay in property taxes and insurance? (San Jose, CA)

  • August 25 2010 - San Jose
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Answers (7)

Profile picture for remedyedge
When you say Property Taxes in Santa Clara, does that include School Taxes?  In NY, I get billed separately.  In Arizona, it's all together...What about San Jose?
  • July 25
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Tim,
If she was off by 50% and you couldn't afford it. Take a hard look at your  finances. You can't afford it now, probably without even counting taxes.

What would you do with even a slight financial reversal? Accident, illness, lower income, etc? Lose your home? Borrow from family or friends? .... Happy funding, Rudi
  • September 05 2010
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Profile picture for terrig1231
Kamal i really liked your answer because my realtor just blew my mind. I will be looking at a foreclosure that i believe the taxes are wrong cause they are way to high. Her advise to me was that I must first purchase the home than go to the county and ask for a tax reduction.  i told her again, wait I don't even know if they are correct. I can not afford the home if they are correct at that amount. she just confirmed our time to see the home. what the heck?
  • September 05 2010
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There is a wide range in home insurance to say the least.  Actually one is better to combine insurances (e.g. automobile + home) using same provider.   As a realtor when I shop for insurances with same company(different brokers) there is subtle difference in rates and premiums also.
  • September 04 2010
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Hi Tim,

Property Taxes are usually 1.25% of the purchase price. However, please remember that MOST properties come with supplemental taxes and they vary which is why it's very important you know how much they are before you purchase.  If there is a particular home you are looking at, I can look up the tax bill for you.  Good luck :) 

Kamal Randhawa
Broker
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  • August 25 2010
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Hi Tim, in Santa Clara County, I calculate 1.25% of the purchase price (not the loan amount).  The result will be approx. your yearly taxes.  Hazard insurance varies from property type, size, structure, etc.  Sometimes you can get a better deal if you have "multiple" policies, such as if your automobile insurer also sells home hazard insurance.  When I "guestimate" hazard insurance to help my buyers determine P.I.T.I., I always calculate $100/mo. which is usually OVERestimated.  When buying a condo or townhome, sometimes the structure's hazard insurance is included in the monthly HOA fee at the complex, therefore dropped from your mortgage payment because the HOA may carry a "blanket" policy to cover all the units since they are attached.
  • August 25 2010
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Profile picture for wetdawgs
Property tax is slightly more than 1% of the purchase price of the house.   Check with your real estate friends for specifics for San Jose.

Insurance - depends on the property.  Call your favorite insurance agent for some ball parks.  Do consider earthquake insurance, which is separate from general home owner's insurance.
  • August 25 2010
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