what is property tax charged on?
I always calculate property taxes for Santa Clara County to be 1.25% of the new purchase price. If you divide that by 12 you can figure your monthly cost if you do an impound/escrow account with your lender. Here’s the link to the County Assessors office: http://www.sccgov.org/portal/site/asr/ There’s more prop tax info there. If you are purchasing a bank owned home, you also want to check to make sure that back prop taxes are not owed on the property. Although the standard CAR purchase agreement calls for fair prorations to be made in escrow, I always write it into the purchase contract anyways. Don’t want my buyers to get stuck paying old property taxes. A lot of the bank owned foreclosures are behind in prop tax payments. To check an address you can utilize this website: http://payments.scctax.org/payment/jsp/histSecured.
