Computing the Impact of Temecula Real Estate Taxes and Assessments ...

One of the biggest Temecula home purchasing variables that people?do not calculate?is the impact of special?bonds and property taxes. Most new homes in Temecula, Murrieta, and Menifee?have unique bonds?in addition to?Temecula property taxes.? Rates of 1.6%, 1.99%, and even 2.30% are?widespread.? How can this impact the purchaser?s selection? Let?s calculate it out:

Say you are acquiring a new residence in?Menifee CA for $250,000 with a 20% ($50,000) down and a tax rate of 2%. Your 80% loan of $200,000 at a 5% interest only rate would be $834 on a monthly basis.? Your new home?s 2% property taxes generate an yearly tax bill of $5000 or $416 per month.?Thus the complete cost for your new home?is $834.00 + $417= 1,250 dollars

Now?say you are shopping for a resale dwelling in Temecula?for $280,000 house.? The home is 2 years old, great backyard and patio cover with a 1.25% tax rate.? Your 20% down payment?would be $56,000 making your new loan $224,00 at 5% a monthly amount of $933. Your taxes would now be?$3,500 annually, or $291 each month.? So your total monthly cost is $933 + $291 =$1,224.?That is $26 less a month yet thirty thousand?additional property.? It might appear insignificant?but remember at 5% or so, $10,000 you borrow is going to cost you about fifty dollars per month ? so that is even additional home you can qualify for. With?homeowner loans incredibly tight right now, it all adds up!

Aside from the extra value in the property you also normally get landscaping already installed, perhaps a patio cover and upgrades, etc.? Also, you can still barter and maybe?split closing costs dealing?with the seller, saving several thousand bucks up front.?

As you can see,?taking time to explore?can mean quite a bit when evaluting the impact of Temecula and Murrieta property taxes?and unique bonds in Temecula, Murrieta, Menfiee, & Wildomar. This is especially true for new homes in Temecula Valley which usually have property taxes at 1.8%. Usually, there are resale homes with low property taxes right next to new developments.

So, if you are buying for Temecula real estate, make sure to understand? the total taxes before you buy?to get the greatest deal possible!

Source: http://www.fairfieldrealestategroup.com/41/computing-the-impact-of-temecula-real-estate-taxes-and-assessments/

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