A Guide to Property Taxes in Beverly Hills, California

Hey there, prospective homeowner! Are you considering buying a home in the glamorous Beverly Hills or the wider Los Angeles county? Then you've come to the right place! I’m Marty Halfon from Halfon Properties, and today we’re diving deep into what you need to know about property taxes in this high-profile locale.

So, What's the Property Tax Rate in Beverly Hills, CA?

Let's cut straight to the chase. The general tax rate in Los Angeles County is 1%, plus any voter-approved taxes. However, with additional local taxes and high property values in Beverly Hills specifically, your effective property tax rate may be more like 1.18% in Beverly Hills. Sounds complicated? Don’t worry; as your real estate professional, I’ll guide you through it.

Breaking Down Your Property Tax Bill

Because of high-end homes and luxury living opportunities, residents here enjoy some of LA county's highest property values. But bear in mind: higher home value can result in substantial tax bills. Here’s how it works: The county assessor determines your property's assessed value annually. This becomes your base for calculating your annual property tax bill, with a general tax of 1%, plus any additional local taxes that are factored in.

A Closer Look at Los Angeles County Property Taxes

In LA County, homeowners pay their property taxes twice a year - due on November 1st and February 1st - split into two equal payments to ease the financial burden. While Beverly Hills is known for its high annual property taxes due to valuable properties (The median home value in Beverly Hills is $1,846,870, resulting in a typical annual property tax bill of $20,971. This is significantly higher than the national median.), certain budget-friendly areas within the county can offer affordable communities with lower property taxes. It’s all about finding the right balance for you! 

How Can I Lower My Property Taxes?

Great question! Here’s where I come in. I help Beverly Hills residents downsize and utilize Prop 19 to make their homeownership journey as smooth as possible. This can free up funds from the sale of your property, reducing financial burdens linked to high home upkeep. Think about it: You could be living the luxe life and still pay the least when it comes to property taxes!

Proposition 19, a significant tax law change in California, offers substantial advantages for homeowners in Beverly Hills. This legislation allows eligible homeowners to transfer their property's tax assessment to another property within the state.

This means, if you're over 55, a victim of a natural disaster, or disabled and decide to sell your home and move to another one—be it smaller, larger, or of equal value—you can carry over your current tax assessment. This could potentially save you thousands of dollars annually.

Want to learn more about the benefits of downsizing? 👉  Downsizing Is The Next Chapter In Your New Adventure

Making Sense of Your Tax Obligations

Property taxes in Los Angeles County can be a bit overwhelming, especially if you're considering buying a high-end property in Beverly Hills. But with a real estate group like Halfon Properties by your side, managing your tax obligations becomes easier! So remember, before setting your heart on that dream home, make sure to factor these costs into your budget and consult with a real estate professional.

Final Words

Beverly Hills is more than just an iconic zip code; it's a lifestyle choice. And while property taxes here may be among the highest in LA County due to high property values, they don't have to break the bank. With valuable insights, strategic financial planning, and assistance from seasoned professionals like me at Halfon Properties, you can navigate this tax landscape successfully.

So whether it's a primary residence or an investment property in the heart of LA County you're considering purchasing, keep these important things in mind. Because making homeownership dreams come true is what we do best!

Ready to Take the Next Step?

As a home buyer in Beverly Hills, you're not just purchasing property. You're investing in an exciting lifestyle brimming with luxury and glamour. Yes, property taxes can make your eyes water, but they don’t have to hinder the realization of your dream.

With my expertise at Halfon Properties and a game plan tailored to your needs, we can navigate these tax waters together. Why wait? Let's turn that ideal home or condo into your real address today!