Palos Verdes residents are once again getting ready to pay their property taxes by December 10. Many buyers especially new property owners, are perplexed as to why property taxes are so high. Depending on the area where you reside, the tax usage is pretty much the same. Cities, counties and school districts rely on your property taxes to raise money for their budgets. The local government then uses the money collected to provide many public and local public services.
The local school district accounts for a significant percentage of the money from local property taxes. Although some of the monies do come from federal and state government, school districts rely heavily on the property taxes for support. Each school district varies on the local tax base.
Peninsula property owners realize that a good amount of the tax dollars goes to supporting the salaries and benefits of public safety officers. Added to that cost is the maintaining of fire stations and keeping police and fire vehicles on the road, obviously needed to keep our residents safe.
Maintaining public streets and roadways is also one of the main uses of these dollars. This maintenance helps to ensure public safety in our areas. Also included is the upkeep of street lights and traffic lights within the city limits, patching potholes and at times road maintenance to make improvement. Occasionally the dollars are used to fund improvements to water and sewer lines, storm drains and other improvements.
If you have any questions about the real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.