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| Home
> For Buyers
> Escrow, Title, Taxes and Closing Costs |
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Tax
Prorations |
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Annual
Property Tax Bills are Collected in Two Installments |
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1st
Installment
July
thru December Due: November 1st Late: December
10th |
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2nd
Installment
January
thru June Due: February 1st Laie: April 10th |
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Buyer |
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Seller |
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If
You Close... |
Buyer
Will Owe |
If
Taxes ARe Current... |
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If
You Close... |
Seller
Will Owe |
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Jan
1 |
6
month, |
of
2nd Install |
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Jan
1 |
6
month, |
of
1st Install. |
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Feb
l |
5
month, |
of
2nd Install. |
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Feb
1 |
1
month |
Of
2nd Install. |
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Mar
1 |
4
months |
of
2nd Install. |
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Mar
l |
2
month, |
of
2nd Install. |
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Apr
l |
3
months |
of
2nd install. |
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Aprl |
,
month, |
of
2nd Install. |
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May
l |
2
months, |
of
2nd Install. |
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May
1 |
4
months, |
of
2nd Install. |
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Junl |
1
month |
of
2nd Install. |
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Junl |
5
months |
of
2nd Install. |
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Jul
1 |
6
months |
of
1st Install. |
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Jul
1 |
6
month, |
or2nd
Install. |
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Aug
l |
5
month, |
of
1st Install. |
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Aug
1 |
1
month |
of
1st Install. |
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Sept
l |
|
of
1st Install. |
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Sept
1 |
.
2 month, |
of
1st Install. |
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Oct
1 |
3
months, |
of
1st, Install. |
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Oct
1 |
3
month, |
of
1st Install. |
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Nov
l |
|
of
1st Install. |
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Nov
1 |
4
month, |
of
1st Install. |
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Dec
1 |
1
month |
of
1st Install. |
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.Decl |
5
months |
of
1st Install. |
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Lender Required Prepaid Impounds |
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Month
Recorded |
First
Payment Due |
Estimated
Tax Reserve |
Status
of taxes |
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January |
March
1 |
5
months |
1st
Inst. Paid |
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February |
April
1 |
1
month |
Both
inst. Paid |
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March |
May
1 |
I
month |
Both
Inst. Paid |
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April |
Juntl |
2
month, |
Both
Inst. Paid |
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May |
July
1 |
3
months |
Both
Inst. Paid |
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June |
August
1 |
4
month, |
Both
Inst. Paid |
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July |
September
1 |
5
months |
Paid
thru Jun 30 |
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August |
October
1 |
6
mono,, |
Paid
thru Jun 30 |
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September |
November
1 |
7
months |
Paid
thru Jun 30 |
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October |
December
1 |
6
months |
2mo
if 1st paid |
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November |
January
1 |
3
months |
1st
Inst. Paid |
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December |
February
1 |
4
months |
1st
Inst. Paid |
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| MARCH
1 -ASSESSMENT DATE |
Taxes
become a lien at 12:01 a.m. Not yet due and
payable for the Fiscal Tax Year starting July
1. Thereafter, title evidence must show
taxes as a lien for the coming Fiscal Tax
Year.
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| APRIL
15- LAST DAY TO FILE FOR 100% VETERANS OR
HOMEOWNERS EXEMPTION. |
To
be eligible for applicable exemptions you
must own and occupy property on March 1.
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| JULY 1
- CURRENT FISCAL TAX YEAR BEGINS. NOVEMBER
1-FIRST INSTALLMENT DUE. |
(First
installment - July 1 to December 31)
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| DECEMBER
1 - LAST DAY TO FILE FOR 80% VETERANS
OR HOMEOWNERS EXEMPTION. DECEMBER 10 -FIRST
INSTALLMENT BECOMES DELINQUENT AT 5 PM. |
10%
penalty added to taxes due. If December 10
falls on a weekend or holiday, taxes are not
delinquent until 5 p.m. the next business
day.
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JANUARY
1 - CALENDAR YEAR BEGINS.
FEBRUARY
1 - SECOND INSTALLMENT DUE. |
(Second
installment - January 1 to June 30)
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| APRIL
10 -2ND INSTALLMENT BECOMES DELINQUENT AT
5 PM. |
10%
penalty plus $10 administrative charge attaches.
If April 10 falls on a weekend or holiday,
taxes are not delinquent until 5 p.m. the
next business day.
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| JUNE
30 - PROPERTY TAX MAY BECOME DEFAULTED. |
If
you fail to pay either or both installments
by 5 p.m., property tax becomes defaulted
and additional costs and penalties accrue.
If June 30 falls on a weekend or holiday,
taxes must be paid by 5 p.m. of the preceding
business day.
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| REMINDER
- PROPERTY MAY BE SOLD AT PUBLIC AUCTION AFTER
5 YEARS OF DELINQUENCY. HOW PROPERTY TAXES
ARE DETERMINED. |
| Property
taxes are governed by California State law
and collected by the county. The County Assessor
must first assess the value of your property
to determine the amount of property tax. |
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Generally,
the assessed value is the cash or market value
at
the time of purchase. This value increases
not more than
2% per year until the property is sold or
new construction is
completed.
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The
Auditor-Controller applies the appropriate
tax rates, which include the general tax levy,
locally voted special taxes, and any city
or district direct assessments. The Tax Collector
prepares property tax bills based on the Auditor-Controller's
calculations, distributes the bills, and then
collects the taxes.
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| CAN YOU
DISAGREE WITH THE AMOUNT? |
You
may apply to the Assessor to see if that office
will change the valuation.
Additionally, Appeals Boards have been established
for the purpose of resolving valuation problems.
Appeals on regular assessments may be
filed between July 2 and September 15.
Appeals on corrected assessments, escaped
assessments (assessments that did not
take place when they should have), or supplemental
assessments must be filed no later than 60
days from the mailing date of the corrected,
escaped or supplemental tax bill.
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| FILE
AN APPEAL BUT REMEMBER TO PAY THE TAX. |
It
you choose to appeal, still pay your tax installments
in full by the appropriate deadlines or you
may incur penalties. If your appeal is granted,
a refund will be issued to you.
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| DID
YOU RECENTLY PURCHASE PROPERTY? |
Although
escrow prorates taxes and gives appropriate
credit between buyer and seller, the actual
taxes may not have been paid and you are responsible
for any unpaid 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.
The Tax Collector will not send a bill for
the remainder of the year in which you acquired
the property unless requested. If any taxes
remain unpaid, call the Tax Collector and
request a bill. When you call, give the
Assessor's identification Number. |
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Escrow
| Title
| Closing
Costs | Taxes |
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