Looking to help your clients buy or sell a home in the San Diego, California, area? Then you’ll need to stay up-to-date and informed on property taxes in the area.
Knowing an area’s property tax rate will help you ensure your clients make the right decisions for them when buying or selling a house. You’ll also set your clients and your real estate business up for success! Ready to learn more? Keep reading for information on property tax rates in San Diego in 2023.
Property tax rates in San Diego for 2023
As the second largest city in California, San Diego is a popular destination for tourists and those looking to buy property. With incredible beaches, world-class food, and countless attractions to keep you entertained, it’s easy to see why this city is a California dream.
While San Diego is an in-demand and bustling city, the cost of living is higher than the national average. Living in San Diego will cost you 4% more than the state average and 47% more than the national average.
California is also notorious for its steep housing costs—San Diego included—with the median home price sitting around $835,000 toward the end of 2022. Because of this, property taxes will be on any San Diego home buyer’s mind as we head into 2023.
Even so, for the 2022/2023 fiscal year, the San Diego property tax rate is 1.21%.
Will property tax rates rise?
California calculates property tax amounts and increases using Proposition 13. Proposition 13 limits the tax rate to 1% of a property’s current assessed value, along with any voter-approved bonds and assessments.
Additionally, property values can’t increase by more than 2% yearly. That said, when a home is sold, San Diego County must reassess your property, which will typically impact your property tax rate.
Once your home is reassessed, you will receive a prorated supplemental tax bill based on the difference in your home’s old and new market values and the current tax rate.
Tax rates in surrounding areas
If you’re looking to move to San Diego but are considering other surrounding areas, it’s wise to check out the property taxes of each location before making a decision. For reference, here are some cities close to San Diego and their property tax rates for this fiscal year:
- Carlsbad: 1.08%
- Chula Vista: 1.14%
- Solana Beach: 1.06%
- Encinitas: 1.09%
- Oceanside: 1.11%
What does property tax revenue fund in San Diego?
The San Diego County Treasurer-Tax Collector collects property taxes in San Diego. For the last fiscal year (2021-2022), the 1% property tax generated over 6 billion dollars in revenue. The collected property tax is distributed to:
- Schools
- Library
- The county
- Cities within the county
- Redevelopment
- Special districts
Property taxes are the largest revenue source to fund services you count on daily, such as road builds and repairs, public schooling, libraries, parks and recreation, and so much more.
Important information to know when moving to San Diego, CA
If you’re moving to San Diego, some dates and information are important to know when it comes to your property tax bills.
You’ll pay your property tax bill in two equal installments during the 2022-2023 fiscal year in San Diego.
The first payment is due November 1 and is late after December 10, and the second payment round is due February 20 and is late after April 10. Bills are mailed in September each year, and the fiscal year ends on June 30.
Late payments won’t have penalties waived due to not receiving a bill, as it’s a taxpayer’s responsibility to obtain their bill and make a timely payment under California law.
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