With those rules, California’s effective property tax rate is just 0.71%. Assessed value cannot exceed increases of more than 2% a year. With limits in place enforced by Proposition 13, generally property taxes cannot exceed 1% of a property’s market value. Property taxes in California are a relative bargain compared to the rest of the nation. On top of that bill, you’ll have to consider property taxes and homeowners insurance as two more recurring expenses.

Your monthly mortgage payment will consist of your mortgage principal and interest.

Factors in Your California Mortgage Payment