TAXES: These are usually standard, showing the status of the current tax year.RED FLAG: Postponed property taxes. This is a state program for senior citizens. It allows the owner to postpone the taxes until the property is sold or refinanced. The owner applies to the state, and the state provides “checks” thatthe owner uses to pay the taxes. This is a red flag because escrow will need to order a demand...
Supplemental Property Tax DefinedState law requires the Assessor to reappraise property upon change in ownership or completion of new construction.Types of changes in ownership are those changes involving a buyer and seller. However, change in ownership situations also include removing or adding someone’s name from title even if money is not exchanged.Typical new construction events include adding square...
What are Propositions 60 and 90?Propositions 60 and 90 are constitutional initiatives that provide property tax relief for persons age 55 and older. The propositions prevent reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original residence. This allows the senior citizen to continue to pay approximately...
What is a mello-roos fee?A Mello-Roos fee is a separate charge on a property tax bill in addition to the 1% property tax rate allowed by Proposition 13. The funds are used exclusively to pay for public facilities such as police and fire departments, schools, parks, roads and libraries, etc.How are mello-roos assessment fees established?Mello-roos fees are normally established at the request of a major...
Property Tax Defined Property tax is a tax administered by local government districts. Tax rates vary from county to county and are based on a predetermined percentage of an annually assessed value of each individual property. A tax rate includes a general 1% tax levy applicable to all bills, voter approved (pre-Proposition 13) special taxes, and voter approved debt issues for your...