Article
Property Taxes - Temecula
If you are planning to buy real estate in Temecula, it would be wise to remember that there may be hidden property taxes for brand new homes. Most new homes built within a two year range are affected by the hidden 'thin' tax factor and have special assessments built into property taxes which range from 1.7% to 2.2%. These additional taxes can affect buyers of new homes in the region rather than homes that are up for resale.
It has been observed that investing into a newer home in Temecula, California can actually give less tax advantage than buying a home that is for resale either by a Temecula home owner.
New homes, sometimes, need additional investments for improvement projects like improving the back yards, window treatments and cosmetic changes. Homes for resales in Temecula have all the facilities that a resident may require and also come with the benefit of taxes that are lower.
Homes that are two years or older have a tax rate of 1.38%, which can bring down the tax liability of the resident to nearly $100 per month. This is in spite of buyers paying a higher price for the property.
Having a great realtor who can provide good information helps such deals. Dealing directly with a developer may expose the buyers to risks of higher tax payments. Some neighborhoods in Temecula are known to have taxes as high as 1.9% and certain neighborhoods with lower taxes as compared to others.
Good realtors are in constant touch with the developers and can offer investors deals that a developer may not be able to offer directly. With the current slump in the real estate segment developers too rely on realtors to look for qualified buyers with a view to reduce their inventories and get around higher taxes.
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