Did you just purchase property?
Although Escrow prorated the property tax when in escrow and gives appropriate credit between the buyer and seller, the actual taxes may not have been paid and you are responsible for any un-paid taxes at the close of escrow.
Read your escrow papers and or Title report to determine if any portion of the annual taxes were paid by the previous owner before the close of escrow.
If any taxes remain unpaid, Call the tax Collector and request a bill. When you call, give the Assessor's Parcel Number or Identification Number from the previous tax bill, the property address and/or the legal description.
State Law stipulates that Failure to receive a Tax Bill does not Permit the Tax Collector to excuse Penalties on Late Payments!
If your taxes are paid through an impound account (which is included in your mortgage payment), your Lender will receive your annual tax bill, and you will receive an informational copy for your records.
In addition to the annual taxes, new purchases you will probable be responsible for paying a supplemental property tax. The supplemental property tax bill is sent to the owner only and must be paid. Consider sending a copy of the supplemental bill to your lender, Especially in the event taxes are paid through your impound account.
Dates to remember;
1. January 1, First day to File "Decline-in-Value"
2. February 1, Second installment of Real Estate taxes are Due (Delinquent after 10-April)
3. November 1, First Installment of Real Estate taxes is Due ( Delinquent on 10-December)
4. December 31, Last day to file a "Decline-in-Value"
Have you ever wondered how property taxes are determined?
Property taxes are governed by California State Law and collected by the county Assessors office. The county assessor must first assess the value of your property to determine the amount of property tax.
Generally the assessed value is the cash or market value at the time of purchase. This value can not increased more than 2% per year until the property is sold or new construction is completed on the property. The Auditor/Controller applies the appropriate tax rates, which include the general tax levy, locally voted special taxes and city or district directed assessments.
The Tax Collector prepares the property tax bill based on the Auditor/Controller's calculations then distributes the bill, and then collects the taxes.
Can You Disagree with the Amount?
You may apply to the Assessor to see if that office will change the evaluation. Additionally, Appeals Boards have been established for the purpose of resolving valuation problems. Appeals on regular assessments may be filed between 02-July and 30-November.
For Supplemental or Adjusted Property Tax Bills, a form appeal may be filed within 60 days of either
1. The mailing date printed on a Notice of Assessed Value Change.
2. The date of the mailing printed on the tax bill
3. The postmark date for the tax bill, whichever is later!
Did You File an Appeal..., Remember to Pay the Appropriate Tax in FULL.
If you do decide to choose an appeal, You must pay the disputed tax installments in Full by the appropriate deadlines or you may incur penalties on top of the tax. If your appeal is granted, A refund will be issued to you.
Do you have questions? Call me.
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