🔴 How much did Santa Clara County Collect in Property Tax? | Bank owned of the week



 


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🔴 How much did Santa Clara County Collect in Property Tax? | Bank owned of the week

Santa Clara County Tax Collection in 2023

Santa Clara Property Tax Assessment 2023 https://www.sccassessor.org/about-us/media-release/media-releases-current/item/531-roll-close-2023-24


How much did the Santa Clara County tax assessor collect in 2023? We'll be talking about that as well along with six things you can do to prepare for our home appraisal 

Introduction

and the bank-owned. Home of the week, which I'm going to go take a look at. At least I want to go take a look at it. And some other things.
Inventory watch. Let's get moving. So how much did Santa Clara County collect in 2023? And I tell you, it's a gargantuan number. It's also a record number, mostly because we're just consistently going up, but it Was 661 billion. I don't know if you can see that 661 billion. And we think we pay too much in taxes.

Whether you like taxes or not, it's here to stay. There's not much we could do about it. It's. Stuck in our laws. 

Understanding Property Taxes and Proposition 13

https://data.sccgov.org/stories/s/Fiscal-Year-2022-23-Adopted-Budget/f55z-ww9n/
It's something that we do all along and it's something that started in the 1800s. It's, I think it's out of control, but the great thing about California is we have proposition 13, which means that only your property tax can only increase 2 percent every year versus like Texas or Idaho, wherever, if your property value goes up, you get reassessed at that new value.

So that means during the firestorm. A couple of years back, you bought a house for 225, 000 in Texas or  Missouri, and it went up to 500, 000. You're going to be reassessed. Now certain states have things if you become a retiree or you hit a certain age, your tax roll. Your taxes, your property taxes freeze, which is a good thing, but here in California, we put this into place, I think in the eighties proposition 13 only increased your assessed value by 2 percent every year,  which is great because if you bought a house back in the 1950s for 20, 000, and now it's worth 2 million, you're paying 2 percent factorially over, I don't know, 50, 60 years and yeah, it's going to increase every year.
But it's not going to go crazy high. You're not paying the value of 2 million. You're paying 50, but the value of 20, 000 times 2%, 1. 02. Times however many years it's been around the advantage to the county is that when you do sell that house? You can that property gets reassessed unless you sell it to a child or give it to a child Proposition 19 now takes over and they have to live in that house.

It has to be their house. They have to live in it And they can enjoy the same savings. You can also take your tax assessment and move it over to a new property, whether it's more or less. So if it's more than you just pay the difference. So if you sell your house for 2 million and you buy a 2. 5 million house,  five states or five counties away.
You can take that 2, 000, 000 assessment, whatever it is, and then pay the difference 500, 000 times 1 percent and there you go. If you buy a property and your property goes down in value, you also are allowed to ask for a reassessment. A temporary reassessment called Proposition 8. A lot of people don't know that.

It's not something we talk about, especially in the last few, five years or so, because property values have continued to increase. There are certain areas in our county, believe it or not, that do go down. And I think it's only like 14%, something like that.

Yeah, something like that. And if you do find yourself in that position where your house value is less than what you're paying on the assessed value, give me a call. Happy to do a. broker opinion on it. I'm and it won't cost you any

the home value program that I have, is called home bot. And then once a month, you'll get the home valuation on it. Now this becomes an assessment or a reassessment and you can actually lower your taxes temporarily.  

Where Does the Tax Money Go?


So where does all this tax money go? I asked this question myself, so I thought I'd take a look.

And here's 1 percent of the tax, the property tax. That they bring in goes to these, the schools and the county and the, I don't know what RDA is, but the city gets some schools get some that's community colleges, special districts, and then other things too.  So I wanted to take a look at how much my school district made. 

And it is

Oak Grove. Oak Grove Elementary gets 30. Million, $31 million a year. And then if you look at East Side Union High School, they get 131, almost $132 million per year. That goes to funding for property improvement, overhead staff, and all the special programs that schools have. It's good.  I don't know.

But here's the problem.

Small business help https://youtu.be/lg-ppyCH2rg?t=54 

Where does all this money go to? Lemme see if I can,

it's $6.8 billion, not 661 billion. So where's the other $655 million, billion dollar go goes? I don't know yet. I don't know where all that's going. , there's way more story to find out and I will find out more for you when I do get along. So here's the budget expenses. This is the general fund for running, the county. So fleet management, central fire, general fund, Valley Medical Center. It's almost 11 billion that they spend to keep all these projects, and these services available for us. County park department, child services, fleet management, road projects, roads and codes. I always say, and then there you go. So I think there's more to this because.

They do spend a lot of money on the 20, let me see, I think it's 60, how many people positions? 22, 426 positions. So that's staff. They spend a lot of money on staff. And retirement. So a lot of the money actually goes to retirement. I have friends who were deputy sheriffs in the jail on the road, and that goes to pay for their retirement.

And health and all that other stuff too. So there you go.  661 billion. That's residential and commercial property. So yeah, Google pays taxes, et cetera. All the big companies pay. I get that, right? That's great.  There you go. 

Preparing Your Home for an Appraisal

All right, six things you can do to prepare your home for an appraisal.

Now it's the same thing. If you're going to get your home ready for sale, right? If you want to take off all your pictures, make sure that any surface has no more than three things on it. Not like my house, like my room right here. You can take a look and see, I have junk everywhere. That's not prepared, ready for sale, or an appraiser.
You want to make it look clean, tidy, et cetera. So when you do take pictures off the wall, you want to spackle it. The trick is to get a wet sponge and the spackle, throw the spackle on there, and then sponge off all the excess so that you don't lose any.  Of the texture and then paint it back to the same color.

Now, how does paint that's over two or three years old start to oxidize? So when you match a paint,  even if it's the same lot, the same paint can, it's going to look different. So be prepared to paint that whole wall. Sometimes what you can do is mix some paint into the spackle, color it, and then it's not as. 

Obvious that you have holes. So there's an option right there. But painting, if you have wear marks or dirty hands, like I have teenagers, so I have dirty hands all over my doors, especially my pantry. I have a melamine block that I use to clean it off. And sometimes I do some Windex and a rag and I just clean it off.

But it's something I do every three months just because it's one of those things, right? Update your crawlspace. Now, not very many people go into crawlspaces, but if you're in a situation where you might live on a hill, you might have someplace within a crawlspace where you can actually walk into it, clean that up, make it look tidy, clean up the cobwebs.

You're, you probably have storage in there. So clean that up. My garage looks like a storage unit. Clean that up because that will help look at it. Look at, look better towards the appraiser. Now consider the appraiser, like a buyer. Buyers looking for a house that's ready to go, ready to sell, ready to be valued, and they're comparing it against other houses.

So yeah, you're competing against other houses, even though we only have three houses for sale in San Jose right now, they might be looking for three or four different houses in that specific price range and format. 15 to 1700 square feet, what have you. So just remember you, you want to make the best impression possible.

That includes curb appeal, cleaning up your yards, et cetera, right? Do a deep clean, clean up your house, and make it look and smell clean. You have dogs. I have dogs. I know my house smells like dogs. It's one of those things you just can't get away from. But if they're coming at a certain time.

Do a deep clean, get rid of all the scale on the shower doors, clean up your bathrooms, and get that toothpaste out of there. They're not going to go into every drawer and nook and cranny like firewood, but they are going to measure and they're going to take an overall feeling of. The value of your home.

That's their whole purpose, right? If there's anything evident, like broken windows or doors that don't open or I don't know, like appliances that don't work or have rust spots, clean it up, fix up those things, and make sure everything works. And a lot of times. Appraisers have to make sure that your smoke detector and carbon monoxide detectors all work and that your water heater is strapped up and completely done something that they don't really talk about in the appraisal.

And then they hit that on you. And if you really want to get into it, you can do a home appraisal that costs three 500, depending on if it's a larger house, it'll be more. The inspector's going to look at it, but they're going to look at the entire thing, the entire house from plugs to switches, make sure that they all work, the appliances all work, make sure that the heater heats and the cooling cools and that your oven works, that your dishwasher cycles through as something that you can give to your inspector saying, Hey, here's the inspection.

I found that these things were wrong with the house and I fixed them before he showed up. So here's the inspection. Here's a copy of it. I want you to have it. And another thing is when you do that, call your real estate agent and ask them to send you some comps. If you're trying to get a refinance or what have you, I'm happy to send a CMA, a comparable market analysis based on comps, 10 percent variance within a mile radius of your home.

We do this all the time as part of our services that we do. And it's just something that, it takes us two, three minutes to do. It's not a burden. We're happy to do that for you. It's what we do as real estate agents.  Value homes. So have a property inspection, have repairs done, and have that CMA ready for them and let them have it.

Is he going to use it? More than likely he'll use it to reference and take a look at it. Who knows it might be worthwhile for you to do. 

Real Estate Owned (REO) Property of the Week

Bank owned of the week 14295 Sycamore Drive, Morgan Hill 95037


Okay Real, the REO of the week now REO is real estate owned bank owned properties bank Banks foreclose on properties all the time. And if you saw yesterday, we There's not a huge inventory of bank-owned properties.
And if they're priced right, they're going to sell quickly, just like everything else. This house has been on the market for 30,  23 days. And it's a fixer-upper. 1. 3 million dollars in Morgan Hill, in the hills, for a bedroom, two baths, 3, 500 square feet.  Built in 1989. And it's pretty far up there in the, let's see if I can open this up for you, in the back hills,  but it's not super far away.

So Monterey Highway, this is downtown right here,  right? That's downtown. This is Morgan Hill in the hills. And it's right here, right off of Sycamore Ave. Let's take a look at the house and what it looks like.

Na. We're not going to be able to look at it today.  Okay,  we'll come back to that in a minute. See how that works.  

Introduction to Financial Intelligence Channel

We recently started a channel called Financial Intelligence. The whole idea behind it is to help people become better at their finances. We're not taught that in school.

We're not taught that in our family. For the most part, we're not taught how to live below our means. And we talk about how to make money work for you. Now, there's no sales pitch. We don't do sales pitches. We do have a call to action. If we have a guest like Allison here, she's a coach here in San Jose.
She's a small business coach. She helps people go from start to finish, get into business, and become successful in running a small business mindset. The whole thing. Fantastic video. I would suggest you watch it. 

Housing Inventory Analysis

Housing inventory is creeping down, but that's normal. Again, in the last couple of weeks I've been saying it's normal for us to see our inventory go lower.
It's just a normal thing. It's a normal part of our cycle. In the winter, we tend to have a lower inventory here in Northern California. For example, Right now we have exactly, actually, it's one 62. Now we have 161 houses for sale in San Jose, which is not a lot. And typically we have 253. We have a lot more than the averages from last year.
We need to have about four or 500 houses for sale at any given time to have a balanced market. We're not in a balanced market. We're still in a seller's market. So if you look at these numbers right here, you can see that we're still below our averages all over sunny bells at average right now, which is.

Odd, but Santa Clara, Mountain View,  Palo Alto, Los Altos, all over. We're far below our average.  of homes for sale. But again, that's the average for the entire year. Last year, I would say that this is normal for a winter market. Tampa is a little up. Cape Coral is actually up from last week. Cape Coral just got inundated and swamped again.
A couple years ago, Hurricane Ian came through and did a lot of damage to Fort Myers and Cape Coral.  Yesterday or Monday, there was a massive storm that went through and there were there was flooding everywhere. So you're going to see a lot more damaged houses at Cape Coral, mostly because insurance is out of control right now.

Austin,  2, 300, a little bit less than last week. Atlanta, a little bit more than last week. LA, Los Angeles.  We're seeing a little bit of an increase. New York. So we're seeing properties stay at a bare minimum. If you look, Phoenix averages 2, 100. They're above average right now. So maybe there's a dry or a big supply issue because maybe a lot of people in Airbnb getting out.
I want to talk a little bit about Airbnb later on. In the next couple of weeks, I see that some issues are coming on. I've spoken about it quite a few times in the last year or two. I think it's important that we talk more about short-term rentals as a strategy. And it's something you have to be very careful about now because I think the market is saturated.

I'm just going to leave you at that.  All right. Today we talked about property tax assessment in Santa Clara, 661 billion, six things you can do to prepare for an appraisal and your REO for the week, and small business mindsets. If you're into small businesses, take a look at that channel. Financial intelligence is all about helping people.

There's no sales pitch at all. It's all about. Education, abundance, and getting that mindset to live below your means and become wealthy that way. And housing inventory is down. 



I'm Vito with Abitano. It's Thursday, January 18th. Have a fantastic weekend, and we'll see you out there.

​ 

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Website: abitano.com https://www.onereal.com/vito-scarnecchia-1

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Title: How Property Tax Assessments Impact Santa Clara County and Homeowners

Introduction:
Property taxes can often be a topic of concern for homeowners, and it's no different in Santa Clara County. In this blog post, we will delve into the property tax assessment process, and the impact it has on homeowners, and explore interesting insights from the recently collected tax data in Santa Clara County. Additionally, we will provide six helpful tips for homeowners to prepare for a home appraisal. So, let's dive in!

Property Tax Assessment in Santa Clara County:
Santa Clara County is known for its vibrant economy and high property values. The recent property tax assessment of 661 billion dollars in 2023 is a record number for the county, reflecting the continuous upward trend in property values. While it may seem like a gargantuan figure, it's essential to understand the factors that influence property tax assessments and the unique benefits homeowners have in California.

The Impact of Proposition 13:
One significant advantage for homeowners in California is Proposition 13. Enacted in the 1980s, Proposition 13 limits the increase in property tax assessments to a maximum of 2 percent annually. This ensures that homeowners are protected from sudden spikes in property taxes, unlike states where property values directly impact tax assessments.

Proposition 13 and Tax Savings:
By capping property tax increases, Proposition 13 allows homeowners who have held onto their properties for many years to enjoy significant tax savings. For example, if a homeowner bought a house back in the 1950s for $20,000, and its value has increased to 2 million dollars, they are still only paying taxes based on a 2 percent annual increase on the original assessed value, resulting in considerable savings.

Proposition 19 and Property Transfers:
Proposition 19, which recently came into effect, allows homeowners to transfer their assessed value to a new property, even if it is of higher value. This provides flexibility for homeowners looking to downsize or relocate within the county, as they only have to pay the difference between the original and new assessed values. However, it's important to note that there are specific requirements for transferring the assessed value to a child or relative.

Temporary Reassessments: Proposition 8:
When a property's value decreases, homeowners can request a temporary reassessment known as Proposition 8. Although property values in Santa Clara County have generally increased, Proposition 8 provides an option for homeowners experiencing a decrease. Consulting with a real estate professional or requesting a broker's opinion can help navigate the process and potentially lower temporary property taxes during challenging times.

Understanding Where Tax Money Goes:
It's natural to wonder where all the property tax revenue goes. A portion of the tax collected in Santa Clara County is allocated to various entities. One percent goes towards schools, the county, community colleges, and special districts. The specific allocation ensures funding for property improvement, overhead staff, and special programs in schools like Oak Grove Elementary and East Side Union High School.

Preparing Your Home for an Appraisal:
Whether you're preparing for a home appraisal or getting your house ready for sale, it's crucial to make a great impression. Here are six tips to help you prepare your home for an appraisal:

1. Clean and declutter: Ensure your home is clean, tidy, and free of clutter. Remove personal items and keep surfaces relatively bare, allowing the appraiser to envision the space.

2. Repair and touch-ups: Attend to any visible repairs, such as broken windows, non-functional appliances, or damaged doors, to present a well-maintained property.

3. Curb appeal: Enhance your home's exterior by tidying up the yard, trimming hedges, and adding strategic landscaping to improve curb appeal.

4. Deep cleaning: Go the extra mile by giving your home a deep clean, paying attention to details like ensuring your bathrooms are gleaming and eliminating any unpleasant odors.

5. Update your crawl space: If you have a crawl space, take the opportunity to organize and clean it. Remove cobwebs and declutter any storage items, presenting a well-maintained and accessible space.

6. Home inspection and documentation: Consider hiring a professional home inspector before the appraisal. They can identify potential issues and provide valuable documentation that showcases the good condition of your home. Additionally, gather relevant comparative market analysis (CMA) data to support your home's value.

Conclusion:
Property tax assessments play a vital role in Santa Clara County's economic landscape and affect homeowners. Understanding the benefits of Proposition 13 and Proposition 19 empowers homeowners to make informed financial decisions. Additionally, by following the tips mentioned above, homeowners can successfully prepare their homes for appraisals while maximizing their property's value. If you'd like more personalized insights or assistance in navigating the property market, reach out to a professional real estate agent for expert guidance.

Understanding Property Tax, Appraisal Tips, and Updates on Housing Inventory

Discover how much Santa Clara County collected in taxes in 2023, how this collection impacts various services, and explore the benefits of Proposition 13 in California. The video also offers six essential tips to adequately prepare your home for an appraisal, presents a fixer-upper as the bank-owned home of the week, and shares insights on current housing inventory trends. It briefly mentions a new channel focused on financial intelligence to help you manage your finances better.

00:00 Santa Clara County Tax Collection in 2023
00:12 Introduction
00:51 Understanding Property Taxes and Proposition 13
04:07 Where Does the Tax Money Go?
06:52 Preparing Your Home for an Appraisal
12:06 Real Estate Owned (REO) Property of the Week
13:11 Introduction to Financial Intelligence Channel
13:57 Housing Inventory Analysis
17:04 Conclusion and Sign Off

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