Monterey, California Property Taxes
The median property tax rate in Monterey, CA is 1.08%, slightly higher than the national median of 0.99% but lower than the California state median of 1.21%. With the median home value in Monterey at $519,825, the typical annual property tax bill reaches $5,344, significantly exceeding the national median of $2,690. Property taxes in Monterey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Monterey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Monterey or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monterey, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$5,614
$5,210
Ownwell’s Monterey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monterey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monterey to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Monterey, California
Property taxes in Monterey, California, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monterey is 1.08%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Monterey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterey estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Monterey's effective property tax rate to other counties in California and the national median. For comparison, the 93940 zip code has the highest median property tax rate of 1.08%, while the 93943 zip code has the lowest median tax rate of 1.04%. Understanding how these cities compare with Monterey provides valuable insights into the varying tax landscape across Monterey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monterey Tax Rate
1.08%
Average Monterey County Tax Rate
1.11%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterey, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93923 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
| 93940 | 1.06% | 1.07% | 1.08% | 1.09% | 1.13% |
| 93943 | 1.02% | 1.03% | 1.04% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, California
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monterey, California. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Monterey County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Monterey are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Monterey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Monterey, the highest median tax bill is found in the 93943 zip code at $50,713, while the lowest is in the 93940 zip code at $5,342.
Property Tax Assessment Values Across Monterey, California
Source: Ownwell
$16,130
$2,476,499
$4,936,868
Average Monterey Assessed Value
$519,825
Average Monterey County Assessed Value
$410,665
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monterey, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93923 | $2,694,896 | $2,694,896 | $2,694,896 | $2,694,896 | $2,694,896 |
| 93940 | $127,024 | $271,638 | $519,746 | $843,485 | $1,280,100 |
| 93943 | $2,610,398 | $3,482,824 | $4,936,868 | $6,390,911 | $7,263,338 |
Source: Ownwell
Property Tax Bills Across Monterey, California
In Monterey, CA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value, adjusted annually to reflect changes in the real estate market. Homeowners in Monterey can expect their property tax bill to be influenced by several factors, including the property's location, size, and any applicable exemptions or deductions. The median home price in Monterey is $519,825, with property tax bills ranging significantly. For example, the tax bill at the 25th percentile is $2,832, while at the 75th percentile, it rises to $8,736. At the 90th percentile, homeowners may see bills as high as $13,197. Notably, the area with the highest median tax bill, ZIP code 93943, reaches $50,713, while the lowest in ZIP code 93940 is $5,342. Compared to the national median property tax rate of 0.99%, Monterey's tax rates can vary, impacting homeowners' annual expenses significantly based on their property's assessed value and location within the county.
Average Monterey Tax Bill
$5,344
Average Monterey County Tax Bill
$4,500
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterey, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93923 | $28,989 | $28,989 | $28,989 | $28,989 | $28,989 |
| 93940 | $1,360 | $2,832 | $5,342 | $8,732 | $13,191 |
| 93943 | $27,513 | $36,213 | $50,713 | $65,214 | $73,914 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | November 30 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
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