About Palos Verdes Estates' Malaga Cove

Property Taxes in the South Bay of Los Angeles County are computed by the standard 1.0% of the property's assessed valuation (in accordance with Proposition 13, a property's assessed valuation is the original purchase price, plus the cost of improvements, based on the value of permits pulled, plus an increase in valuation of 2% per year) plus additional tax rates for voted bonded indebtedness, plus direct assessments such as school parcel taxes. Copies of building permits are sent to the Assessor. New buildings, additions, and other structures require an appraisal. Structural repairs and/or replacement are not appraisable in most situations. The assessed valuation of a property may also be decreased for one or more exemptions.

The following is the property tax rates and direct assessments for the cities in the South Bay: of Los Angeles

Palos Verdes Estates: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,400-$1,600 per parcel for such items as school parcel taxes, fire suppression fee, emergency services tax, sewer fees and flood control.

Rancho Palos Verdes: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $700-800 per parcel for such items as school parcel taxes, etc.

Rolling Hills Estates and Palos Verdes Peninsula: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $600-700 per parcel for such items as school parcel taxes, etc.

Rolling Hills: The property tax rate for the fiscal year 2009-2010 is 1.055672% plus direct assessments of approx. $1,700-2,000 per parcel for such items as school parcel taxes, etc.. There is an additional assessment for the Homeowners Association for the City of Rolling Hills of ,2% (two/tenths of one percent) of the assessed value of the property which is billed separately by the Association, with installments due on 12/10 and 4/10. This assessment goes to maintain the private roads, the guard houses and personnel, and other city amenities within this private gated community.

El Segundo: The property tax rate for the fiscal year 2009-2010 is 1.075655% plus direct assessments of anywhere up to about $200-$300 per parcel for other misc. local taxes.

Manhattan Beach: The property tax rate for the fiscal year 2009-2010 is 1.059263% plus direct assessments of approx. $500-700 per parcel for such items as school parcel taxes, etc..

Hermosa Beach: The property tax rate for the fiscal year 2009-2010 is 1.036418% plus direct assessments of approx. $200-$300 per parcel for such items as school parcel taxes, etc..

Redondo Beach: The property tax rate for the fiscal year 2009-2010 is 1.074359% plus direct assessments of approx. $500-$1,600 per parcel for such items as school parcel taxes, etc..

Torrance: The property tax rate for the fiscal year 2009-2010 is 1.075651% plus direct assessments of approx. $300-400 per parcel for such items as school parcel taxes, etc..

San Pedro: The property tax rate for the fiscal year 2009-2010 is 1.220441% plus direct assessments of approx. $100-$200 per parcel for such items as school parcel taxes, etc..

Lomita: The property tax rate for the fiscal year 2009-2010 is 1.179221% plus direct assessments of approx. $400-$500 per parcel for such items as school parcel taxes, etc..

Taxes are assessed for the fiscal year running from July 1st through June 30th, with property tax bills payable in two installments on December 10th and April 10th. If a property changes ownership during the year, a supplemental tax bill will be prepared prorating the tax increase due to a change in valuation over the remainder of the fiscal year. If a change in ownership occurs between January 1 and May 31 this will result in two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year in which the event occurred. The second supplemental bill is for the subsequent fiscal year.

ACCESSING PROPERTY TAX ASSESSMENT INFORMATION ON PROPERTIES
Click the link below to visit the L.A. County tax Assessors office web site. Enter an address (or if an address doesn't work, choose two cross streets near the address) and then click on the map parcel to see that parcel's assessed valuation. Then click on the tab for the 2004-2005 property tax bill. Link: http://assessormap.co.la.ca.us/mapping/viewer.asp

For more information on Property Taxes for the South Bay of Los Angeles, visit my website at Property Taxes

The California Association of Realtors has just released the following good news for first time homebuyers:

"Following the Senate's favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order."

This is excellent news and will help all first time home-buyers realize their dream of home ownership.

Malaga Cove neighborhood home sales and real estate report for October 2009 in Palos Verdes Estates, California.

Active listings: 17 Homes are currently for sale in Malaga Cove priced from $1,275,000 to $3,999,000.

Pending sales: 3 Properties are in escrow in Malaga Cove priced from $1,995,000 to $2,299,000.

October sales: 2 Houses sold in October 2009:

• Palos Verdes Dr West $1,200,000
• Via Arriba $1,200,000
  

All Malaga Cove real estate and home sales reports.

Previous Palos Verdes and San Pedro Market Reports

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

Palos Verdes Homes for Sale - Palos Verdes Houses
Palos Verdes Horse Property - Palos Verdes Realtor Blog
Palm Desert Area Lots for Sale - Homes with Views in Palos Verdes
Palos Verdes Coastal Homes - Palos Verdes Estates Homes

Subscribe via ActiveRain - Subscribe via Email - Start your own blog on activerain!

The Malaga Cove area of Palos Verdes Estates ) area 163 in map below )had the following real estate activity for single family residences during the 3rd Quarter of 2009:

Properties Sold: 5

Address Sales Price BR BA Sq.ft.$/Sq.ft Yr.Blt. MLS# Sold Date Days on Mkt.

1629 Via Montemar $1,300,000 4 3.00 2,359 $551 1930 V09030892 7/14/09 100

432 Via Almar $1,625,000 4 4.00 2,823 $576 1974 V09065140 9/23/09 59

2317 Via Pinale $1,865,000 4 5.00 3,556 $524 2000 V09055028 8/20/09 70

1633 Via Arriba $3,199,900 4 5.00 4,145 $772 1997 S09068106 8/21/09 49

702 Via La Cuesta $4,700,000 6 7.00 9,884 $476 1995 S08144872 8/04/09 262

Properties for Sale as of 9/30/09: 17

Average List Price at 9/30/09: $2.5 million

Average Sales Price of homes sold during 3rd quarter: $2.5 million

Average Price per Sq. Ft. for Properties Sold during 3rd Qtr: $ 580 per sq. ft.

Properties sold at an average of 92% of List Price

For more information about Malaga Cove and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

Queen's Necklace View Home - Via Arriba in Palos Verdes Estates

1633 Via Arriba - Sold for $3,199,900
Buyer represented by Norma Toering RE/MAX Palos Verdes Realty

Located in Palos Verdes Estates in the Malaga Cove neighborhood and offering a spectacular view of the Queen's Necklace this home offered one level living in one of the most sought after areas of the Palos Verdes Peninsula.  I saw the buyers at a social function last weekend and they are thrilled with their new abode. However, they have an unwelcome night visitor who is wrecking their front lawn! I laughed as I listened to their story of uprooted sod and my bet is on a family of raccoons. Palos Verdes is home to much open space and many animals share the area with the residents. If you're looking for more space, or perhaps you're ready to downsize, call Norma Toering and Team for a tour of available homes or a market evaluation of your Palos Verdes property. It's a great place to call home.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

Buying a Home in Palos Verdes - Selling a Home in Palos Verdes CA
Coastal Houses in Palos Verdes - Palos Verdes Realtor Blog

Subscribe via ActiveRain - Subscribe via Email - Start your own blog on activerain!