Orange County is situated in the metropolitan area of Los Angeles. It is a popular tourist destination that is famed for being the inspiration for the TV series, O.C. It also draws in tourism because of its beaches and theme parks. Many will want to experience Disneyland and Knott’s Berry Farm. If you live here, you can frequently experience them and also feel a part of the TV series.
So, just how expensive is it to live in Orange County? How do its property taxes compare with those in other regions?
For further information on the property taxes, you can visit https://beachcoast.com/coastal-orange-county-property-taxes/.
The Housing and Living Costs in Orange County
The average cost of a house in Orange County has been reported as being $894,817, with homebuyers here thought to need to earn at least $167,670 per year. This is to afford a house in the medium price range. The top end for a property in Orange County is in Newport Coast, where there was a mansion sold to LoanDepot CEO Anthony Hsieh for an incredible $61 million. So, it is an area for the rich and famous, but others could afford it too. In terms of that, we might want to consider how high the property taxes are here.
Costs and many other factors have affected house buying decisions recently. The pandemic, for example, has played its part in decision-making, as many of us have started and continued to use our home as our office. This does offer value for money when a home is used for more purposes than just living.
How Much Are Property Taxes in Orange County?
One source, at the time of writing, advises that property in Orange County is taxed at 0.72 percent. So, if you had a home valued at $500,000, you would pay around $3,576.
Using this percentage, or the latest one if it has changed, makes it as easy as multiplying the value of your home by this percentage to obtain a calculation.
Each year an assessor will calculate tax rates from taxing district budget requests. These are regulated by statutory limits. Each of the taxing districts in Orange County will send its approved budget to the assessor. So, this is how it is all worked out. It does change from year-to-year, so find a reliable one to gain an accurate and up-to-date figure to factor into your budget depending on the time you want to make your move.
Property Taxes Compared to Other Regions
It is thought that the average American will pay something like $2,471 in property taxes each year. The median property taxes have been identified as ranging from $587 per year in Alabama to $8,300 in New Jersey. This is a considerable variation based on these state’s tax rates and their median home values, and so property taxes cannot be ignored when considering budgets.
When weighing up median home values against property taxes, it is interesting to note that while Hawaii is the only state in the USA to have no property tax, the median value of its houses is the highest. It costs to live in paradise. So, bear this in mind when deciding on a house purchase.
It is worth the effort to find out about the property taxes in Orange County because it will impact your decision about which property to buy to make the whole process of buying a house more affordable. We can then allow for the extra costs and factor them into our budget for the whole picture as to the final cost. Orange County is, after all, a wonderful place in the world to live. Who would not want to feel a part of the O.C. TV series, or to benefit from the tourism that is contributing to many of the incomes earned by those living in Orange County?