93940 Property Tax Rate

Property owners in ZIP code 93940 (Monterey, California) pay a median of $6,432/year in property taxes on homes valued at $1,039,700. This translates to an effective tax rate of 0.62%, which is 11% below the California state average of 0.69%.

The monthly property tax burden for a median-valued home in 93940 is approximately $536, which factors into escrow payments on mortgages. This ZIP code is located within Monterey County. This is $1,532 more than the California average of $4,900/year.

Compared to similar ZIP codes in California, 93940 has higher property taxes. ZIP codes with similar effective rates include 92123 (0.62%) and 92410 (0.62%).

In Monterey, property taxes represent approximately 5.8% of the median household income of $110,669, providing context for the relative tax burden on homeowners in this area.

Proposition 13 reassesses your Monterey County home to the purchase price at sale and limits subsequent increases to 2% annually, anchoring your tax burden to your purchase-price valuation. Monterey County offers a $7,000 Homeowners' Exemption — file with the Monterey County Assessor within 30 days of purchase. Submit your exemption claim to the Monterey County Assessor and request written proof of your base year value.