Cost of Living in Irvine, CA Taxes, Housing & More

You can claim a casualty loss if you do not receive an insurance reimbursement or other type of reimbursement for the property that is destroyed or damaged. Your job probably pays you either an hourly wage or an annual salary. But unless you’re getting paid under the table, your actual take-home pay will be lower than the hourly or annual wage listed on your job contract.

Key IRS Tax Forms, Schedules and Publications for 2025

There are also property tax exemptions for low-income families in California so long as yearly income is $64,337 or less. Whether you are a renter irvine income tax or a homeowner in Irvine, CA, utility bills will come each month. Monthly utilities typically cost $140, and that’s up to $10 more than Los Angeles. Electrical costs alone are 34% higher than the American average at 15.98¢ per kilowatt-hour. PaycheckCity delivers accurate paycheck calculations to tens of millions of individuals, small businesses, and payroll professionals every year since 1999. California provides property tax exemptions for homeowners, veterans, nonprofit and religious organizations, public schools, landlords and owners of qualifying personal property (such as certain artworks).

California Income Tax Rate

Technically, tax brackets end at 12.3% and there is a 1% tax on personal income over $1 million. As part of the Mental Health Services Act, this tax provides funding for mental health programs in the state. It functions like a normal income tax and means that the top marginal rate in California is, effectively, 13.3%. That’s the highest rate in the U.S., but it only applies to income earners with over $1 million in taxable income. The table below further demonstrates tax rates for Californians.

How to track your California state tax refund

For example, if you earn less than $68,350 per year, your marginal rate in California will be no higher than 8%. So what makes California’s payroll system different from the systems you might have encountered in other states? The state has 10 income tax brackets and the system is progressive.

• If you adopted a child during the tax year, you can claim up to 50% of adoption costs paid.
• The Golden State fares slightly better where real estate is concerned, though.
• Yes, Irvine is safe, and in fact, it is one of America’s safest cities.
• VITA at UCI offers free income tax return assistance to those in need, including low-income, limited English-speaking, disabled, and senior individuals.
• Car insurance is another huge driving cost and can cost $1,868 a year for Irvine residents.

Irvine vs San Diego Cost of Living

If your taxable income was $100,000 or less, you’ll use the board’s 2024 California Tax Table to figure taxes owed instead. The Irvine cost of living index is 147.8 compared with 141.3 in San Diego. As a general rule, housing and transportation are more expensive in Irvine but utilities are far more expensive in San Diego. Rent prices in Irvine are slightly higher than San Diego. Compared to the average home price of $889,000 in Irvine, the average San Diego home is $704,000.

Small Business

• The City of Irvine, in partnership with Orange County United Way, is offering free tax preparation services to taxpayers who earned less than $60,000 in 2023.
• The median income for an individual is $62,323, which is 38% more than that of the state.
• The median sale price per square foot in Irvine is $831, up 8.6% since last year.
• That law has helped keep Californians’ property tax payments below the national average, and in some cases, significantly so.
• The tax you pay is used by the district to make the payments of principal and interest on the bonds.

SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches Bookkeeping for Veterinarians to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Average apartment rent in Irvine, CA is $ 3,112, according to RentCafe, for 921 square feet.

Cities in California levy their own sales taxes, but do not charge their own local income taxes. Thanks to Prop 13, California has among the lowest property tax bookkeeping rates in the U.S. However, be aware that there are many Mellos-Roos districts in Irvine. In these areas, you are subject to a special assessment called the Mello-Roos tax that may increase your property taxes by $30 to $300 per month. Owning a home or land in Irvine, CA carries a hefty property tax rate.

To use the tracker, you’ll need to enter your Social Security number, ZIP code, the exact refund amount you’re expecting, and your mailing address. Why does Santa Ana have one of the highest tax rates in OC? Mello-Roos District is an area where a special tax is imposed on those real property owners within a Community Facilities District.