Anaheim is best known for being the center of the Disney universe in Southern California, and the money it brings in has helped property values climb out of a difficult recession. The median home price is now over $513,000, but of course that’s not the only cost you’ll pay. You may not know all of the taxes that Anaheim imposes, but you do know that you need to factor those into your budget estimations when deciding exactly where to live. Movoto can let you know the basics of Anaheim property relative to the rest of the country.
Exactly How Much Will My Property Taxes Be?
This is unfortunately a frustrating fact of life about real estate taxes: It can vary not just from street to street but from house to house. No matter what, you’ll pay 1 percent of your home’s assessed value as your base rate, however there are many more charges that could boost you up as much as 1.4 percent. In 1982, California enacted Mello-Roos laws which makes it easier for governments at the local level to collect more money. Rather than reason and campaign with constituents every time they need something, they simply tack on the fees to your property taxes and use that for community concerns. However, older neighborhoods are not necessarily required to pay these fees, so depending on what house you buy you may see a vast difference when it comes time to paying your property bills. Orange County does place a cap of 2 percent on how much your home is actually able to raise in terms of assessment value, so it greatly reduces how much you’ll pay in property tax over the years. This 2 percent limit means if Disney expands in the coming years (which is very possible) and home prices soar, your property taxes will not increase with the influx. You should be aware though if you’re buying a fixer-upper and performing major renovations or any type of large construction project while you live there, then this 2 percent cap will not apply to you. When it comes time to sell, the new property taxes will be based on the actual sale price for the new owner. Also, in Anaheim you’ll receive a $7,000 flat exemption off your home value if your home is your primary residence which is the equivalent of $70.
Would I Be Better Off Living in a Different City for Less Expensive Property Taxes?
In Southern California, the answer is undoubtedly no. Your taxes will be the same practically everywhere you go from Los Angeles to San Diego. In San Francisco you’ll actually pay more at 1.17 percent. Orange County has done a good job at halting exorbitant property tax rates, even though there are a lot of people willing to pay more at this time. Because of a variety of factors, practically everything in and around Anaheim has done very well. Property values continue to climb, businesses continue to improve and money continues to be made here. In terms of property taxes, you could definitely do a lot worse. New York City has had a huge spike recently, due mainly to a broken system. Chicago and Cleveland will put you around 2 percent. Interestingly enough, the suburbs of Chicago will put you at an astonishing 3 percent. Anaheim is about 45 minutes or so from LA, and most of the season pass holders for the theme park come from this area. In this way, you’re getting a better deal living close to LA than you would if you chose the outskirts of Chicago. You will find slightly lower rates in Washington DC and Seattle, so that’s something to consider. You can bet though that major cities find a way to tax you somehow, so even if it’s not through property tax you may end up paying the same amount or even more overall. The real questions to ask will be specific to the actual house in question you’re looking at will cost you.
Is It Worth It?
Only you can answer whether or not the Anaheim property tax is worth it to you or not. There’s something to be said for how it compares to the rest of the country though: The numbers put it as a competitive option. Whether or not to live here should be more about whether or not you like the neighborhoods, school district and what it will mean to live so close to a theme park. If you think your kids will have a more enriching childhood because of it, then that seems like a better factor to base your decision on. Certainly you need to know whether you can work out your budget or not because your down payment and closing costs are really just the tip of the iceberg when it comes to moving. If this is an upgrade from a previous place, then you may not know just how much you’ll be expected to pay on top of everything else. However, you can at least know to factor in more than 1 percent of your property assessment value every year. Otherwise, this is a well kept city with a lot to offer. The home prices are definitely moving in the right direction for sellers everywhere, and proximity to Los Angeles and San Diego will always keep it relevant in today’s extremely competitive world.
2 Point Highlight
This 2 percent limit means if Disney expands in the coming years (which is very possible) and home prices soar, your property taxes will not increase with the influx.
The home prices are definitely moving in the right direction for sellers everywhere, and proximity to Los Angeles and San Diego will always keep it relevant in today’s extremely competitive world.
