I live in Santa Clara County, California and I have been shopping for a mortgage for a home purchase in this county.
I am repeatedly told by every bank that the tax rate is 1.25% of the home purchase price (give or take, can change slightly), and that's what we should budget to spend on taxes.
However in the first two online calculators I tried the rate is a lot different. Surely the local bank knows better than a generic online calculator, but also surely these calculators can't be plain wrong?
For example consider 700k house. $8750 in taxes (1.25%).
However this calculator estimates $4690 for Santa Clara County (0.67%)
This calculator estimates $5273 (0.794%)
Why the disconnect?