How does my tax bill work?
In California property taxes for owner occupied homes is based on the value at the time of purchase plus 1% adjustments annually. Any home improvements will add value to your property. In Davis there is supplemental taxes to pay for parks, library and the Davis Joint Unified School District. Newer neighborhoods such as Mace Ranch, Wildhorse, and the Cannery have additional Mello Roos taxes that help defray infrastructure.
For example: the purchase price of your home is $450,000, the property tax bill will reflect:
Value X 1% of 450,000 = 4,500.00
Voter approved taxes:
DJUSD $1,750, Community Colleges $50, Library $100, parks and open spaces $100 = $2,000
Total Annual tax bill = $6,500
1st Installment due Nov 1st= $3,250
2nd Installment due April 10th = $3,250
What is a CalHFA vs. a FHA loan?
The CALFHA program is an FHA 1st lien loan with a 2nd lien being subsidized by the CA state housing authority.
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
FHA is insured by Federal Housing Administration offering the first time home buyer these advantages:
Unlike most conventional loans, FHA doesn’t require a large down payment. You can put down as little as 3.5 percent of the purchase price of the property.
FHA loans are a good option for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.
Even if you’ve suffered from bankruptcy or foreclosures that have hindered your ability to qualify for traditional loans, you may still qualify for a mortgage through the FHA.
How can I tell if a rental lease is real?
If a landlord lives outside of Davis, it can be a more daunting process to validate whether a landlord is legit or if someone is posing as a landlord in order to get your money and doesn’t show up when it is time for you to collect the keys. Some scams will ask that you send money via Western Union, often to Great Britain or Nigeria or you might be told that they are in Texas and are not available to show you the property until after you have signed the lease. If you are moving here from another state or country, it can be difficult to schedule a trip to preview a property before signing a lease, therefore it is a good idea to have a local contact meet with the landlord or designated representative. The City of Davis Rental Resource Program requires all landlords more than 50 miles away to have a designated local contact. It is a Red Flag if a landlord can’t provide a name of someone local.