Aliso Viejo and Rancho Santa Margarita, Orange County’s two youngest cities, had the highest proportion of homeowners who will escape property tax hikes this year, the county Assessor’s Office reported.
But in beach towns covering most of the O.C. coastline, at least four-fifths of homeowners will pay more property taxes next fall and spring.
- In Aliso Viejo, 41% of residential parcels either saw the taxable values of their homes reduced or stay the same in the current fiscal year, which started July 1.
- In Rancho Santa Margarita, 36.3% of the homes either saw their taxes unchanged or going down next year.
- Five coastal cities — Laguna Beach, Seal Beach, Huntington Beach, Newport Beach and Dana Point — were at the bottom, with just 13% to 21% of homes avoiding tax hikes.
- Countywide, about a fourth of the homes are escaping tax hikes.
- That means that that about 75% of homeowners – representing nearly 535,000 homes — will see their property taxes go up this year.
| City | Homes | No hike | Pct. |
|---|---|---|---|
| Aliso Viejo | 14,136 | 5,807 | 41.1% |
| RSM | 14,262 | 5,177 | 36.3% |
| Tustin | 15,260 | 5,100 | 33.4% |
| Stanton | 5,468 | 1,786 | 32.7% |
| Irvine | 51,162 | 16,423 | 32.1% |
| Santa Ana | 43,443 | 13,250 | 30.5% |
| Lake Forest | 21,712 | 6,329 | 29.2% |
| Lag. Niguel | 22,047 | 6,268 | 28.4% |
| Lag. Hills | 9,226 | 2,609 | 28.3% |
| San Clem. | 19,542 | 5,458 | 27.9% |
| Anaheim | 54,910 | 14,985 | 27.3% |
| SJ Capo | 9,959 | 2,695 | 27.1% |
| La Habra | 12,717 | 3,304 | 26.0% |
| Yorba Linda | 21,067 | 5,309 | 25.2% |
| Garden Grove | 32,040 | 7,837 | 24.5% |
| Orange | 30,767 | 7,418 | 24.1% |
| Mission Viejo | 30,928 | 7,367 | 23.8% |
| Brea | 9,802 | 2,328 | 23.8% |
| Costa Mesa | 18,870 | 4,427 | 23.5% |
| Fullerton | 29,773 | 6,952 | 23.4% |
| Placentia | 12,428 | 2,841 | 22.9% |
| Buena Park | 16,433 | 3,755 | 22.9% |
| Lag. Woods | 6,586 | 1,489 | 22.6% |
| Dana Pt. | 12,120 | 2,521 | 20.8% |
| Newport Beach | 27,218 | 5,411 | 19.9% |
| Cypress | 12,635 | 2,484 | 19.7% |
| Westminster | 16,821 | 3,275 | 19.5% |
| Huntington B. | 52,706 | 9,972 | 18.9% |
| Los Alamitos | 2,089 | 384 | 18.4% |
| La Palma | 4,081 | 653 | 16.0% |
| Fountain Vly | 15,600 | 2,482 | 15.9% |
| Seal Beach | 5,245 | 812 | 15.5% |
| Villa Park | 2,051 | 295 | 14.4% |
| Lag. Beach | 10,071 | 1,269 | 12.6% |
| TOTAL | 713,938 | 179,452 | 25.1% |
The high rate of reductions reflects the impact of falling home prices.
- The assessor reported on Friday that the taxable value of Orange County real estate went down for the first time in 14 years — and for just the third time since 1975.
- Countywide, the taxable value of homes, buildings and “personal” property like boats and planes totaled $418.8 billion this year, down 1.2% from the 2008-09 tax year. That’s the biggest drop in at least 34 years and likely will cut further into already depleted local and state coffers.
- Generally, the longer you’ve owned your home, the more likely your taxes will continue to increase thanks to Prop. 13, which limits tax increases to 2 percent a year.
- Most of the 179,452 homes escaping tax hikes this year were bought in 2002 or later, according to the assessor. Newer cities, with a higher proportion of homes bought since 2002, likewise have more tax reductions.
Meanwhile, older cities with more stable home values tended to have the lowest percentage of tax reductions:
- Just 12.6% of of the 10,071 homes in Laguna Beach (incorporated in 1927) will have values cut or unchanged this year.
- As of Jan. 1 — the tax assessment date — Laguna Beach home values had fallen just 8.3%, compared to a 30% drop countywide.
- In Villa Park, Seal Beach and Fountain Valley (average age of cityhood: 66 years), just 14% to 16% of homes escaped tax hikes this year.
Pricier towns tended to have the biggest tax cuts:
- Newport Beach, which had an average median price of $1.1 million as of Jan. 1, had the biggest average reduction in taxable values in the current tax year: $305,730.
- It was followed by Villa Park (-$261,112), Dana Point (-$203,186), and San Clemente (-$195,782).
- Although Laguna Beach had the lowest percentage of properties qualifying for a cut, the average reduction there was the county’s fifth largest: $191,240.
- Countywide, the average reduction was $153,827, the assessor reported.
- The average cut in taxable home values was $167,291 for houses and townhomes.
- The average cut in taxable home values was $126,827 for condos.
Related news …
- O.C. tax values see biggest drop in 34 years
- 179,000 O.C. homes won’t see taxes go up
- O.C. property tax values face 1st drop in 14 years
- Requests for property tax reviews up 160%
- Site identifies properties getting tax reviews
- Placentia called hotbed of inflated home assessments
- Assessor warns of dubious help to cut property taxes
- Property tax cut? You already had it!
More tax burden as delinquencies on credit card debt and home equity loans hit all-time highs.
This should be a sign to everyone that we are in for a disaster, especially as unemployment continues it’s climb!
http://www.reuters.com/article/newsOne/idUSTRE56638720090707
This should be a sign to you that you don’t know how to read, you’ve miss-judged the whole situation, you don’t have a clue and you should go back in your hole!!! LLLLLLLLLLLLLL000000000000000LLLLLLLLLLLLL.
Why don’t you just say prices are going back up again, or you can’t lose money on RE. Pull out one of the standard lines, there is at least 4 or 5 of them.
That’s what they said to Colombus, you are simply wrong Voice of TReason, just to put it nicely.
Maybe this will help,
Here’s a chart that clearly explains how much trouble our housing market and the economy is in.
http://www.flickr.com/photos/28114165@N06/3697450826/
If the problems in the mortgage market were limited to subprime loans, then the carnage would be mostly behind us.
The subprime borrowers were the first to fail, but they certainly will not be the last.
The chart shows the other mortgage markets, most of which are only now beginning to show signs of distress.
Subprime is only about a $1.5 trillion market, not anywhere near the biggest of the risky loan categories.
Alt-A is the next riskiest slice of mortgages above subprime and about a quarter of these mortgages went to non-owner-occupied homes, which were subject to even greater speculation.
The Option Arm market is smaller than the subprime market, but it is also much riskier, which will result in a much higher rate of defaults compared to subprime.
Jumbo Prime average about $750,000.
These were common in California and were often made to poor credit risks.
This is a market of $1-1.5 trillion, about as big as subprime.
Home equity lines, which you’ll see just below jumbo prime.
In 2007 home equity lines funded “30% of new car purchases in California on top of their primary junk loans.
Credit card loans, just as big as equity loans are in record defaults.
All together, these “other” loan categories total more than $6 trillion, or more than three times sub-prime.
If the problems in the mortgage market were limited to subprime loans, then the carnage would be mostly behind us.
The subprime borrowers were the first to fail, but they certainly will not be the last.
The chart shows the other mortgage markets, most of which are only now beginning to show signs of distress.
Subprime is only about a $1.5 trillion market, not anywhere near the biggest of the risky loan categories.
AltA is the next riskiest slice of mortgages above subprime and about a quarter of these mortgages went to non-owner-occupied homes, which were subject to even greater speculation.
Subprime is only about a $1.5 trillion market, not anywhere near the biggest of the risky loan categories.
Alt-A is the next riskiest slice of mortgages above subprime and about a quarter of these mortgages went to non-owner occupied homes, which were subject to even greater speculation.
The Option Arm market is smaller than the subprime market, but it is also much riskier, which will result in a much higher rate of defaults compared to subprime.
Jumbo Prime average about $750,000.
These were common in California and were often made to poor credit risks.
This is a market of $1-1.5 trillion, about as big as subprime.
Home equity lines, which you’ll see just below jumbo prime.
In 2007 home equity lines funded “30% of new car purchases in California on top of their primary junk loans.
Credit card loans, just as big as equity loans are in record defaults.
All together, these “other” loan categories total more than $6 trillion, or more than three times sub-prime.
Bill keep trying to convince yourself. You appear to be going nuts.
Going nuts? Hardly…..
But teaching basic common sense to incompetents like you does take an abnormal amount of patience!
Alt-A is the next riskiest slice of mortgages above subprime and about a quarter of these mortgages went to non owner occupied homes, which were subject to even greater speculation.
Subprime is only about a $1.5 trillion market, not anywhere near the biggest of the risky loan categories.
Alt-A is the next riskiest slice of mortgages above subprime.
The Option Arm market is smaller than the subprime market, but it is also much riskier, which will result in a much higher rate of defaults compared to subprime.
Jumbo Prime average about $750,000.
These were common in California and were often made to poor credit risks.
This is a market of $1-1.5 trillion, about as big as subprime.
Home equity lines, which you’ll see just below jumbo prime.
In 2007 home equity lines funded “30% of new car purchases in California on top of their primary junk loans.
Credit card loans, just as big as equity loans are in record defaults.
All together, these “other” loan categories total more than $6 trillion, or more than three times sub-prime.
every home in orange county- thats every home
is still wayyyy over-valued- mark my words-
home prices are headed back to at least 1998
prices– and thats if youre real lucky– the next leg
down– big leg down- begins this fall with the
new and improved tsunami of foreclosures
There is no moratorium…they can cruise along as business as usual. All a bank needs is a loan mod dept and contact with the homeowner to “try to work it out” and they can move forward with FC. There is no reason for a lag in FC.
Informative article! Makes me wonder though - I happen to be one of the 41% who saw a decrease in property value last year; and by a full 16%. That seems to be a pretty healthy decline, so it begs the question - are a significant portion of the other 59% of homeowners simply not seeking adjustments? Sounds like quite a windfall for the county!
Countywide, 75% of homeowners will see their property taxes go up this year.
The reason: Prop. 13. It keeps your taxes low in the good years, but allows the assessor to continue raising them in the bad years, unless you bought recently and paid way more than your home’s now worth.
See my post on this:
http://lansner.freedomblogging.com/2009/04/29/property-tax-cut-you-already-had-it/20591/
And there’s a back story to the property tax reduction phenomenon: Once home values rise again, the assessor can raise your taxes again — with a vengeance. Prop. taxes will revert to pre-reduction levels and continue going up from there. See my story here:
http://www.ocregister.com/articles/percent-tax-property-2081730-year-values
http://www.cnbc.com/id/15840232?play=1&video=1175198265
mulligan- please explain how someone who didnt see
the bubble has the unmitigated nerve to come on this
blog and continue shooting their mouth off–
please provide one post from two years ago- in
which anything you said would happen actually did–
which you cant - because you didnt–