Tuesday, November 29, 2011

It's Not Too Early To Prepare For Tax Day!

The Orange County CA Assessor updated its published general information for new home owners at Orange County, California.

  • By law, California real estate is valued each year as of January 1 (lien date) for property tax purposes.

  • Property taxes are assessed to the owner of real estate on January 1 of each year.

  • Property tax bills are mailed in September to the owner of property on January 1.

  • New owners may receive a tax bill with the prior owner’s name (January 1 is the controlling date).

  • New owners are responsible for property tax payments as soon as they acquire the property.

  • Check for unpaid taxes on the Tax Collector’s website, http://tax.ocgov.com (Pay/Review Your Property Taxes).

  • Your name may not appear on the tax bill for up to 1 year.

  • Homeowners that occupy their home as their principal residence may qualify for an exemption that could reduce their taxable value by $7,000 and save them about $70 per year in property taxes.

  • New owners will receive a Notice of Supplemental Assessment and a Supplemental Tax Bill (this process can take up to 9 months from when you acquired the property).

  • Information on tax-saving programs administered by the Assessor Department is posted on its web site.

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