Palm Springs and Riverside County Property Taxes
Areas such as Palm Springs and Cathedral City are located in the jurisdiction of Riverside County. Taxes in the district are capped at 1.25% of assessed value. However, it is important to know that if you choose to purchase a home in Palm Springs or Cathedral City, the assessed value will be updated to the price that you paid. It's one of the main reasons that avoiding a bidding war is in the best interest of the buyer because of additional costs—like paying your Riverside County property taxes—can soon add up. That being said, the County has a calculator that will allow you to get an estimate of your Riverside County property taxes.
- How Do I Pay My Riverside County Property Taxes?
- How Much Tax Will I Be Charged on My Palm Springs Homes?
- Are There Any Other Supplemental Tax Areas?
Annual property taxes in Riverside County—as well as the whole of California—are split into two payments, which are paid bi-annually. The first payment is due on December 10th and the final payment of the year is due by April 10th.
You can pay for your Palm Springs and Riverside County property taxes either online through the county's online portal or you can also pay via the county’s automated phone-pay system. Their online system is very easy to use though, all you have to do is enter your assessment number or property address, and then follow the on-screen prompts to go to the county’s pay wall. Do be advised that if you are paying via credit card the county charges a 2.28% fee, and if you are paying by debit card the city charges a $3.95 flat fee for the convenience of using the online system.
How much you will have to pay in property taxes is based a variety of factors and there are many opportunities to experience a tax break. The Riverside County property taxes are based on a variety of factors including the type of property, the size of the home, the cost of the home, and your personal situation. Below we’ll go through a typical property tax scenario to help you understand how much tax you would be expected to pay.
Purchase Cost or Assessed Value: $500,000
(Minus) Exemptions: None
Estimated Net Assessed Value: $500,000
Tax Rate: ~1.25% (typical for properties with no Mello Roos or supplemental taxes)
Total Estimated Tax: $6,100
If your Palm Springs home is your primary place of residence, $7,000 can deducted off of the assessed value of your property as a homestead exemption, which means that you’d be paying approximately $90 less per year. Alternatively, if you are a veteran or a disabled veteran, you can expect a $150,000 deduction depending upon your personal situation and severity of disability.
In California, there are Community Facilities Districts or Mello-Roos, which are specially designated districts that are established by local governments in the State to help gain additional funds to make payments on the principal and interest amounts on Government issued bonds that help pay for much needed public infrastructure. These public services might include streets, sewage and drainage systems, schools, police services, public parks, and other vital pieces of public infrastructure.
Additionally, every property is reassessed to the sale price and a supplemental tax bill is issued for the difference between the pre-sale assessed value and the sale price. Typically the tax runs ~1.25% of the difference and the bill will be mailed several months after closing.
To find out if your prospective home is in a Mello-Roos zone, please email me, Palm Springs REALTORⓇ Geoffrey Moore. As an experienced and trustworthy real estate agent in Palm Springs and throughout Riverside County, I will be able to get you the answers you need to ensure that you are an educated home buyer.