Banning, California Property Taxes
Real Estate Values and Property Tax Valuation in Banning, California
Banning has 11,588 properties with a cumulative value of $1.6B, making up 0.88% of the real estate value in Riverside County. Property taxes in Banning totaled $31.3M, with an average homeowner paying $2,709 in taxes compared to the county average of $4,515. The average property tax rate in Banning is 1.93%, slightly higher than the county average of 1.83%. Property values for tax purposes are determined by the local assessor's office, based on the market value of the property.
The property tax timeline in California begins on January 1st, when the property valuation date is set. Property value notices are then issued between June and August. Property tax appeals must be submitted by September 15th or November 30th, depending on the county. Finally, property tax bills are issued on October 1st.
Updated August 23, 2023
| Important Links | |
|---|---|
| Riverside Treasurer / Tax Collector | (951) 955-3900 |
| Riverside Recorder | (951) 955-6200 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | June - August |
| Property Tax Appeal Deadline: | September 15 or November 30 (varies by county) |
| Property Tax Bills Issued: | October 1st |
| Real Property Tax Bill Due (1st of #): | December 10th, 1st half installment |
| Real Property Tax Bill Due (2nd of #): | April 10th, 2nd half |
| Available Exemptions | |
|---|---|
| Senior | Not Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Not Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Banning, California
Residential Property Tax by ZIP code in Banning, California
Banning, California has an average property tax rate of 1.93%, which is slightly higher than the average property tax rate of 1.83% for Riverside County. This rate is applied to all properties in Banning, regardless of their value. However, the effective property tax rate can vary across different ZIP codes in Banning, depending on the value of the homes in that area. For example, the ZIP code 92220 has the highest effective property tax rate of 1.93%, while other ZIP codes may have lower rates. This is because the value of homes in different ZIP codes can vary significantly, and the property tax rate is based on the value of the home.
Overall, Banning has a slightly higher property tax rate than the rest of Riverside County, but the effective rate can vary significantly across different ZIP codes. This is because the value of homes in different ZIP codes can vary significantly, and the property tax rate is based on the value of the home. Therefore, it is important to research the effective property tax rate for a particular ZIP code before making a decision on where to purchase a home.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each ZIP code in Banning, California. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92220 | $0 | $9,753 | $120,149 | $231,419 | $307,002 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each ZIP code in Banning, California.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92220 | $526 | $1,361 | $2,585 | $3,659 | $4,705 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92220 | - | 13.95% | 2.15% | 1.58% | 1.53% |
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Real Estate Values in Banning, California
Average Home Value in Banning, California
Last updated: August 2023
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Housing Expenses in Banning, California
Housing expenses are a major part of the average household budget in the state. In fact, housing expenses account for nearly one-third of total expenses for the average household. As inflation continues, housing expenses continue to rise, eating up an ever-increasing portion of the household budget. Property taxes are the second largest component of housing expenses for the average property owner in the state, making up a significant portion of the total housing expenses. As housing expenses continue to rise, it is important for households to budget carefully and plan for the future to ensure they can afford their housing expenses.
Monthly Consumer Expenses for West region
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