California's property tax system, with a capped rate of around 1.25% and annual increases limited to 2%, is considered favorable for real estate owners. This system contrasts sharply with other regions like Cook County in Illinois, which is perceived less favorably. Critics argue that California's low property tax rates contribute to the state's unaffordability for middle-class workers, prompting migrations to states like Texas. The LA Country Club, for instance, benefits significantly from this system, paying only $220,000 in taxes on an estimated value of $8 billion, far below the potential $80-$100 million tax bill under typical rates of 1.00-1.25%.
While only looking at percentages NJ has the highest property tax. With Illinois coming in 2nd, Texas comes in 5th place and California is 34 place. I’m not including Mello Roos. Mello-Roos district is a special tax assessment district created in California to finance local… https://t.co/ERxn7Uk5IL
LA Country Club, which hosted the US Open last year, only pays 220k in taxes cause of California law. The country club is worth about $8 billion. 1.00-1.25% of the value would mean an $80-$100 million tax annually. Big time savings cause of California tax law. https://t.co/mVpg3dbqvo
LA Country Club, which hosted the US Open last year only pays 220k in taxes cause of California law. The country club is worth about $8 billion. 1.00-1.25% of the value would mean an $80-$100 million tax annually. Big time savings cause of California tax law. https://t.co/tM94F0vNws
Actually, it's bad that California's average property tax rate is that low. Really bad. Excessively low property taxes is a big reason why California is so unaffordable for middle-class workers, and why so many of them are moving to Texas. Let me explain. https://t.co/lVklaT1ZKX
Look beyond just the property tax percentage. Look at how it’s administered. California: Around 1.25% all-in. But you know what you’re going to pay for as long as you own it, and it only goes up 2% per year max. California’s property tax system: A real estate owner’s dream.
Look beyond just the property tax percentage. Lot at how it’s administered. California: Around 1.25% all-in. But you know what you’re going to pay for as long as you own it, and it only goes up 2% per year max. California’s property tax system: A real estate owner’s dream.
If you own a lot of real estate, California’s property tax system is a dream The opposite? Cook County in Illinois.