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Are There Property Taxes On Condos?

By Mike in Downtown San Diego Real Estate|Home Buying with 0 Comments

Downtown San Diego Condo Tax

If you are planning to buy a condo in the United States, property tax should be kept in mind to ensure you can afford the property of your dreams. Condos, like other types of property, require the owner to pay property tax, and in San Diego, the county will expect you to make annual payments.

There are two main factors needed to determine how much property tax you are going to pay. The first is the tax rate, a number formulated by counties and oftentimes regulated by the state. According to San Diego County records, the city of San Diego has a current tax rate of 1.17. A property tax report done by RealtyTrac® just last month shows 1.17 is among the lowest rates per 2014 tax data. While tax rates are subject to change annually, they generally fluctuate only slightly, so you don’t have to worry about property tax payments skyrocketing overnight.

The second factor in determining amount of property tax due is the market value of your property. The market value of a condo identifies things such as the condo’s location, supply and demand of other properties in the area, internal characteristics such as number of bedrooms and construction quality, and external characteristics like 24-hour security and shared outdoor space. Other condos recently sold with similar features, also referred to as comparable listings, can help you determine the market value of your condo. Using comparable listings commonly used by Downtown San Diego real estate agents as the key way of determining market value.

Once you’ve found out the tax rate and property value, the two numbers will be multiplied to determine the annual property tax owed. While this number will not be significant, it is important to include in your costs for buying a condo in Downtown San Diego so you budget correctly.

For more information about buying a condo, loft, or penthouse in Downtown San Diego, reach out to the experienced and professional real estate agents at 92101 Urban Living. We work, live, and play in Downtown San Diego and can find you the perfect property that meets your individual needs, no matter what stage in life you’re in. Call us at 619-649-0368 for more information or to request a showing. ')}