What is a Supplemental Property Tax Bill?

by Rocky Lall on January 5, 2011

Most real estate is subject to annual property taxes. The amount of the tax varies depending on the characteristics of the property and the tax rates for a region.

The tax amount owed on a property in San Diego is based on a percentage of the assessed value of a property. When ownership changes hands at the close of escrow, the amount of tax paid is based on the last assessed value of the property.

At some point after the close of escrow, the County Assessor will reappraise the value of the property. Once the Assessor determines the new assessed value, the new homeowner is sent a Supplemental Tax Bill based on the new assessed value of the property. Only a prorated amount is due based on the number of months remaining until the end of the fiscal year on June 30th.

The Supplemental tax bill is sent directly to the homeowner. Upon receiving the Supplemental bill, homeowners have the opportunity to ask questions about the valuation, and if desired, file an appeal.

Check out this handy Supplemental Tax Bill estimator provided by the County Assessor’s office.

Home buyers are advised to seek out legal and financial advise to fully understand the ramifications of Supplemental Tax Bills.

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