Property Tax Information for Temecula and Murrieta Property Owners.
Property Tax Information for Temecula and Murrieta Property Owners
Property tax is the most underrated home buying factor considered by home owners in Temecula Valley. Most of the home owners even does not know that if they own new homes built in Temecula, Murrieta, Menifee and Wildomar California, there are a few special assessments included in their property taxes. Usually 1.7%, 1.9% and 2.2% are known to be the assessments but here are a few thing homeowners or the people who intend to buy home in 2017 need to consider:
Home Purchasing and Monthly Costs in Murrieta CA
Suppose you are going to purchase a new home in Murrieta CA for $310,000. The down payment is around 20% i.e. $62,000. You will be paying 1.9 percent tax and $50 as an association fee on monthly basis. You have taken a loan to buy the home and your 80% loan is $248,000 and you’ll be paying 6 percent interest each month, which is $1486.89. Your tax bill for a year will be around $5890 or $490.83 monthly as it’s 1.9 percent. Hence here’s your total monthly payment for your home:
$1486.89 + $490.83 + $50 = $2,027.72
It is important to note that you have not put maintenance cost here as you’ll be responsible for thing such as maintain backyard and window installations etc.
Home Purchasing and Monthly Costs in Temecula CA
Now let’s estimate monthly cost of your home in Temecula, CA. So you have just bought a home there for $330,000 along with 1.38 percent tax rate along with $50 association fee on monthly basis. 20 percent down payment will be $66,000 and it will make your loan go up to $264,000 with a 6 percent interest rate. Your monthly interest will be $1582.81 whereas your taxes would be $379.50 monthly. Here’s your breakdown of your monthly expenses:
$1582.81 + $379.50 + $50 = $2,012.31
It’s around $15 less than that of in Murrieta, CA. It is important to note that the home in Temecula is 2 years old but you can get $20,000 more in order to get backyard, window covering and patio cover. Moreover, you can also negotiate with the seller to save some thousand dollars.
Similarly, there is also some considerations you need to keep in mind when you’re buying homes in Temecula, Murrieta, Menifee, & Wildomar and want to know about property taxes. Although new homes in Temecula, Murrieta, Menifee, & Wildomar are thought to be pegged at 1.9 percent property tax rate yet there are also a few areas where we can help you paying relatively low property taxes.