94303 Property Tax Rate

Property owners in ZIP code 94303 (Palo Alto, California) pay a median of $9,253/year in property taxes on homes valued at $1,825,000. This translates to an effective tax rate of 0.51%, which is 27% below the California state average of 0.69%.

The monthly property tax burden for a median-valued home in 94303 is approximately $771, which factors into escrow payments on mortgages. This ZIP code is located within Santa Clara County. This is $4,353 more than the California average of $4,900/year.

Compared to similar ZIP codes in California, 94303 has lower property taxes. ZIP codes with similar effective rates include 90031 (0.51%) and 95464 (0.51%).

In Palo Alto, property taxes represent approximately 6.3% of the median household income of $148,031, providing context for the relative tax burden on homeowners in this area.

Under California's Proposition 13, your property reassesses to purchase price at sale, and taxes are capped at 1% of that amount with only 2% annual growth possible until the next ownership change. Santa Clara County's Homeowners' Exemption exempts $7,000 of assessed value—file your claim with the Santa Clara County Assessor within 30 days of taking title to ensure it applies to your first bill. After closing, obtain your Preliminary Assessment Notice from the Santa Clara County Assessor to verify the base year value and confirm exemption application.