Property Taxes in California
Property taxes are assessed and collected at the County level and determined by the value of the property,
Property taxes are collected in two equal installments. The first installment, must be paid by December 10th (technically due in Nov). The second installment, must be paid on/ before April 10th (technically due March).
When buying or selling a property, your escrow company will figure out and prorate the tax owed or already paid, and apply to each appropriate party.
Supplemental tax bill
After the close of escrow, most borrowers will receive a supplemental tax bill in addition to the regular tax bill. The regular tax bill is essentially the tax bill that had already been valued and printed. The buyer is responsible for this, although it only reflects the value of the property at the time the seller owned it. The supplemental tax bill is based on the difference between the seller’s value, and the new value, established at the time of sale. The amount due is prorated over the remaining months of the fiscal year.
