Based on its authentic craftsman exterior, this home was approved as a contributing structure in the Haggard Park Heritage District shortly after it was built in 2001. Therefore it receives the Historic Preservation property tax exemption, which as a new home (versus being restored), is 75% of the house value. With annual property taxes running over 2.1% of the total value on the tax roll, that amounts to a property tax savings of $640 EVERY MONTH. Making the monthly payment equivalent to a house costing about $125,000 less. Here is an illustration showing how the tax exemption reduces the total monthly payment (including taxes and insurance) to about $3,450 which would normally be the payment for a house costing about $535,000:
With Without
Exemption Exemption
660,000 535,000 Price of house
135,000 105,000 20% down payment
2,900 2,350 Interest + principal (based on 5.25%)
350 950 Monthly property tax
200 150 Est insurance
3,450 3,450 Equivalent monthly payment
Below are the actual annual property taxes paid for the last 4 years.
2007 2008 2009 2010
$4,039 $4,100 $4,151 $4,191
