Bits and Pieces

2011 was the second year in a row that Orange County, CA property values are up by 2%.  This is great news since with assessed values being up, so are property assessments. 

Today is the last day to file an appeal on your property tax assessment.  If you disagree with the assessed value, homeowners can file an Application for a Changed Assessment.

Home sales in July 2012 are up 25.7% over July 2011 and the median price of an Orange County home in July 2012 increased to $450,000.

California ranks 10th among the 50 states in terms of the amount of residential property tax residents pay.  While residents rank 6th nationally in regard to their overall tax burden.  The median annual residential property tax bill is $2,839. And, the average amount Californians pay per capita in state and local taxes is $4,910.

According to Zillow, combining Los Angeles and Orange County areas, buying a home beats renting in fewer than five years.  Zillow's analysis looked at more than 200 metropolitan areas and 7,500 cities and in almost every instance, buying was better, but the break-even point differed.  For instance, in the Riverside - San Bernardino area buying beat renting in two years while in San Francisco it took as long as 24.3 years for purchasing to pay off.