WMH Property Taxes

[tlpnet]

I just got my first WMH property tax bills, and they are $240/yr which is more than I expected. Can anyone tell me if this similar to what they are paying?

Thanks!
-tim

 

[SDKath]

And $1400+ in MFs. Katherine

 

[tlpnet]

And $1400+ in MFs. Katherine

Yeah, I was aware of amount of MF. The taxes were just a little higher than I expected. I looked up some fairly recent sales on ebay and they seemed to be significantly less (but they could also be based on an old value).

-tim

 

[Pedro]

I just got my first WMH property tax bills, and they are $240/yr which is more than I expected. Can anyone tell me if this similar to what they are paying?

Thanks!
-tim

My property tax bills were for $224.80.

 

[Fredm]

Property taxes for timeshares in California are calculated as follows (with minor variations for special districts):

Purchase price x 1.2% x .65%
(The .65% is another way of saying that 1/3 of the valuation is non-taxable).

Taxes may then be adjusted upward a maximum of 2% annually.

 

[Pedro]

Property taxes for timeshares in California are calculated as follows (with minor variations for special districts):

Purchase price x 1.2% x .65%
(The .65% is another way of saying that 1/3 of the valuation is non-taxable).

Taxes may then be adjusted upward a maximum of 2% annually.

Is it the purchase price or the assessed value that the taxes are based on? We have two units purchased 6 months apart at different prices, but the property taxes are the same on both.

 

[Fredm]

Is it the purchase price or the assessed value that the taxes are based on? We have two units purchased 6 months apart at different prices, but the property taxes are the same on both.

Taxes are based on assessed value. However, assessed value is determined by the purchase price. Once assessed at purchase, the tax amount can increase, based on the CPI, to a maximum of 2% annually. A re-assessment to "current market value" can only be made at sale, based on its sale price.

Typically, as a matter of convenience for all concerned, timeshares are initially valued for tax purposes at a formulated standard amount by the developer, and enter the tax roles at that valuation.
So, while the developer may increase its price during the sale of a development phase, all intervals within the phase will be assessed the same.

The Tax Assessor is accustomed to assessed valuation increases, at sale. A property owner may appeal and request a property tax adjustment if the "current market value" is less than the original assessed value.
This is almost always true with a resale timeshare.

One would think the tax computation automatic based on the price paid.
It is if the valuation is higher. That has been my experience at any rate.
Lowering taxes is another matter. Unfortunately, you may have to apply for the valuation to be lowered. Once done, however, it will remain so and governed by the 2% annual maximum.

Below are links to the Riverside County property tax appeals form,

and the Decline in Value Reassessment appeal. This page will also provide an explanation of the law..

http://riverside.asrclkrec.com/acr/forms/AppealsAppPopUp.pdf

http://riverside.asrclkrec.com/acr/INassessmentDecValue.asp

Tax Assessors love timeshares. Taxing a 2 bedroom timeshare condo (WMH in this case) at the initial valuation of approximately $1.5 million, (based on the price of the 52 weeks sold) while a private, gated, country club equivalent in the area is valued at $400k-$500k.

Good luck!

 

[tlpnet]

I'm glad to know that mine is comparable to others. Riverside County does NOT appear to be following the formula from your post, however. I bought two weeks, two months apart early this year, two different purchase prices, and the assessed value which the tax is based on (and the tax) is EXACTLY the same for both units. So, unless I receive a supplemental bill (and it's been months since I purchased), they aren't really using the purchase price.

-tim

 

[Fletcher921]

Ours are also $224.80