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What are Supplemental Property Taxes?

Supplemental Property Taxes

People are often confused or surprised by Supplemental Property Tax Bills, and as we all know, there’s nothing worse than getting an unexpected bill in the mail! Below we outline what these taxes are, how they are calculated, when you have to pay them.

The L.A. County Tax Assessor issues a supplemental tax bill when the assessed value of a property changes. The three most common events that trigger a supplemental tax bill are:

  • Change of Ownership

  • Death of Real Property Owner

  • Construction or Improvements

Supplemental tax bills are determined by taking the difference between your new assessed property value and the previous assessed property value.

Your supplemental tax bill(s) is due on the date(s) specified, and the time periods do not correlate with the regular tax year halves. Instead, they are only divided into two separate installments to give the taxpayer time to pay.

Keep in mind that supplemental tax bills are a one-time obligation, unlike your annual property taxes that will recur.

What to expect after close?
The County Assessor will update the tax roll and issue the supplemental tax bill about 6-12 months after a triggering event such as a purchase, construction, or death of the real property owner.

 

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Presented by Lorin Ruttenberg and Erica Lockhart of Ahead of the Curve Homes.

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Erica Lockhart – DRE 01763313
Lorin Ruttenberg – DRE 01309588
Compass is a licensed real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.