Secured Tax Bill
ADVICE Josh Taylor. October 29, 2024
ADVICE Josh Taylor. October 29, 2024
"Secured" property is any property that can't be moved like homes or land. Proposition 13 limits the tax rate to 1% of a property's current assessed value, plus any voter-approved bonds and assessments. The proposition also states that property values can't increase more than 2% annually, based on the California Consumer Price Index. However, property is reassessed whenever it changes owners or undergoes new construction.
Typically, secured property taxes are prorated between the buyer and the seller during escrow. As a new property owner, you are responsible for any property taxes that were not paid as of the time escrow closed.
If you have an impound/escrow account with your lender you will receive a blue property tax bill. You will always receive these bills in the mail to keep for your records.
Impound / Escrow accounts are funds held by the lender or mortgage company to pay for taxes and insurance. These funds are collected from the property owners as part of the monthly mortgage payments. The lender or mortgage company generally pays the property taxes to the Tax Collector by December 10th and April 10th.
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