Who, When, What, Why A Supplemental Real Estate Tax
December 7th, 2007 Categories: Taxes, Taxes and Taxes
When……
The California State Law was changed July 1, 1983 requiring the reassessment of property as of the first day of the month following an ownership change or the completion of a new construction.
How Much…….
The assessor determines the new value of the property based on current market conditions. An evaluation is made of the variance between the new value and the previous value, the result is the supplemental assessment.
Multiple assessments are possible….
Multiple assessments are possible depending on when ownership changed or when construction was completed. Because property is assesses each January 1 for the upcoming fiscal year (July 1 thru June 30), a supplemental tax bill will be made if the change in property value was recorded on the tax roll between June 1 and December 31.
A second supplement will be issued if the change of property is recorded on the tax roll between January 1 and May 31.
Appeals…..
Any assessment can be appealed. The first step is to take it to the assessor to see if that office will change the valuation. Additionally, the Board of Supervisors (in most communities) has established an Assessment Appeals Board for the purpose of resolving valuation problems in connection with supplemental tax bills.
Critical is that applications for appeal must be filed within 60 days of the mailing date shown on the tax bill.
Even if you appeal one is still obligated to pay the tax installments in full by the appropriate deadline. If your appeal is granted, a refund will be issued.
