• What Should I Expect Now That I Own Real Estate?
  
  
• Prop. 13 - To Reassess Or Not To Reassess . . .
  
  
• What Is A Supplemental Assessment?
  
  
• Property Tax Information And Dates To Remember
  
  
• How Are Taxes Calculated?
  
  
• Adding Or Removing Co-Signer(s)?

• You May Be Able To Transfer Your Prop. 13 Value To Your Child(ren) Or Grandchild(ren)
  

• You May Be Able To Take Your Prop. 13 Value With You
  
  
• Can You Take Your Exemption With You?
  
  
• We Need Your New Address
  

• Change of Ownership Statement (COS)
  
  
• Homeowner's Exemption Application Form
  
  
• Notice of Supplemental Assessment
  
  
• Supplemental Property Tax Bill
  
  
• Annual Secured Property Tax Bill
  
  

You WILL NOT receive a new annual secured tax bill until the following September. The new owner is responsible for all applicable property taxes from the date he/she acquire the property. Contact the TAX COLLECTOR to determine your tax liability.

In accordance with PROP. 13, certain types of ownership changes, including sales, transfers, or inheritances are generally reassessable.

A reassessable change in ownership establishes a new base year value for the property that equals the market value of the property at the time of transfer.

A reassessable change in ownership will generate a NOTICE OF SUPPLEMENTAL ASSESSMENT.

Non-reassessable changes in ownership can include transfers between husband and wife (including those resulting from death or dissolution); security interest transfers (co-signers); and changes in the way title is held (transfer from individual(s) to family trust).

A notice of supplemental assessment typically represents a change (increase or decrease) in taxable value.

If the market value of property is different from the previous owner's taxable value, the new owner will receive a NOTICE OF SUPPLEMENTAL ASSESSMENT and a supplemental tax bill.

Usually supplemental taxes are not collected in escrow. Taxes collected in escrow are based on the previous owner's taxable value.

Notices of supplemental assessment and supplemental tax bills are mailed several months after escrow closes.

Supplemental assessments are pro-rated from the date of transfer to the end of the tax year (June 30th).

Changes in ownership that occur between January 1 and May 31 are subject to two supplemental assessments because of the State's property tax calendar.

Supplemental assessments are typically paid by the new owner directly, and are not included in impound accounts.

The Assessor mails real estate owners an annual notice in July reflecting the property's taxable value.

Owners can APPEAL AN ASSESSMENT between July 2 and September 15 if their market value on January 1 was lower than the taxable value on the notice.

Annual secured property tax bills are mailed by the TAX COLLECTOR in September.

Secured property taxes can be paid in two installments.

The first installment is due November 1 and delinquent December 10. The second installment is due February 1 and delinquent April 10.

Supplemental property tax bills are mailed within 2 weeks of the notice of supplemental assessment.

Due dates for supplemental taxes can vary. Please read the tax bill carefully, or contact the TAX COLLECTOR for more information.

The taxable value of real estate is the basis of secured property taxes.

Property taxes are calculated by multiplying the property's taxable value by the tax rate for the area where the property is located.

For example:
$250,000 Taxable Value X 1.15% Tax Rate = $2,875 Property Taxes

Whenever a reassessable change of ownership occurs, Proposition 13 requires the Assessor to revalue property for tax purposes.

Certain changes of ownership are excluded from reassessment, including changes that add or remove party(ies) from title who have no beneficial interest in the property. This is called a security interest transfer

.

The most common example of a security interest transfer is adding or removing co-signer(s) from title.

• Complete a Security Interest Affidavit, Click here for the form

• Provide evidence of an agreement between parties (see below)

• Provide supporting evidence (see below)

• Send the affidavit and copies to our office

A copy of the written agreement between parties to reconvey the property upon payment of the debt.

• A copy of the letter from the mortgage loan company requiring a cosigner(s) in order to approve the loan AND a mortgage statement covering the time period when parties involved were on title together.

• A copy of the appropriate income tax return schedule indicating mortgage interest paid or depreciation claimed AND a mortgage statement covering the time period when parties involved were on title together.

Parent-Child Transfer
Proposition 58 allows a property owner to transfer his/her principal residence, and up to $1 million other real property to their children without reassessment. The million dollar limit refers to assessed value, not market value.

Grandparent-Grandchild Transfer
Proposition 193 allows grandparent(s) to transfer up to $1 million of property to his/her grandchildren without reassessment, if both parents are deceased.

Age 55 And Older
Propositions 60 and 90 allows an owner who is at least 55 years of age to transfer his/her Prop. 13 value to a qualified replacement property. An owner cannot transfer their base year value more than once.

Severely And Permanently Disabled
Proposition 110 allows a property owner who is severely and permanently disabled to transfer his/her Prop. 13 value to a qualified replacement property.

Substantially Damaged Or Destroyed Property
Proposition 50 allows an owner to transfer their Prop. 13 value to a replacement property if his/her property was substantially damaged or destroyed by a governor-declared disaster.

Contaminated Property
Residential property must be deemed uninhabitable due to environmental contamination, and non-residential property must be deemed unusable due to environmental contamination. Other restrictions apply.

No. You will need to reapply for an exemption on your new property.