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 that ranges from 1 percent to in excess of 10 percent. 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: 1.22% (2015 to 2016)
Total Estimated Tax: $2,750
If your Palm Springs home is your primary place of residence, $7,000 is deducted off of the assessed value of your property, 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 $4,000 or a $111,000 deduction respectively depending upon your personal situation.