County Limit and Property Tax
County Limits in California
In California, county limits refer to the maximum loan amount you can borrow under programs like conventional or FHA loans. These limits are set by federal agencies and vary by location, largely based on the local housing market. Many areas in California, especially high-cost regions like Los Angeles, San Francisco, and San Diego, have higher limits due to the elevated home prices. If your loan exceeds the county limit, it becomes a jumbo loan, which typically comes with stricter qualifications and higher interest rates.
Property Tax in California
Property tax in California is a local tax imposed by counties, cities, or special tax districts on various types of real estate, including residential homes, commercial properties, and land. The tax amount is based on the property's assessed fair market value, which is determined by a property tax assessor. In California, property taxes are governed by Proposition 13, which limits the amount the assessed value can increase each year and sets the base property tax rate at 1% of the assessed value, plus additional local taxes for specific purposes like schools or infrastructure.
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