Manage your own property taxes

**custronadems** · 03-26-2009 07:37 AM

I live in Los Angeles County, California. I have recently purchased a home. I am yet to pay the first tax for my property. My real estate agent says that I am liable for a tax of $8000 as per the purchase price of my house. He says that I may be eligible for some type of refund or reduction. Any info would be appreciated.

**Proph** · 03-26-2009 09:26 AM

sorry i can't speak for california which is the answer you are looking for. However in texas we have a couple of things that are similar to this. the first is what they call homestead which after you file it reduces your real estate taxes by a few percent. Your agent though is probably talking about your federal taxes. For example my property taxes are about $8k also but i get to take that as a deduction (along with interest on the mortgage) off of my federal income taxes. Although paying $8k is the most painful and intrusive thing i do every year outside of my physical, it is nice to be able to deduct it. If you are a first time home buyer i know there are some federal discounts coming out but you need to call the country or your mortgage company (google knows all also) and find out the truth.

Just some advice though, never believe a real estate agent even if they are a friend or family member. At their core they are not any better than a used car salesman and will say whatever it takes or outright lie to you to make the sale.

**WebHoster** · 03-26-2009 09:57 AM

Prop 13 is the way to go for permanent reduction of taxes and possible refund. You will save money every year this way. Do not opt for temporary reduction under prop 8 go for more details.