Quote:
Originally Posted by Zeke
The thing about a 1.1M home is the real estate taxes. Expect a tax bill for around 14K/ year. Doesn't matter if you pay all cash. 13% will be billed by the state but there will be some local special assessments to push the figure up.Be sure to know and understand all of those local assessments — they have to be disclosed. Some can be brutal such as something called Mello Roos. And it's not deductible. It will automatically raise the tax on the land portion of your real estate 2% annually. That's another $260 just the first year. One of many.
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Depends on the area. CA RE tax is ~ 1.1% on sales price. Mello Roos are extra assessments the builder negotiated with the city to carve out another .2-3% to pay for schools, roads, etc... Zeke is right though, this state is continuously finding new 'creative' ways to relieve folks of their hard earned money. But the weather is awesome, few to no bugs, so that's gotta count for something right
Doubt we will ever sell our homes here rather we hope to rent them and travel around a bit on 6-12 month stops and lease places of interest.