Property taxes on owner-occupied residences are levied on Assessed Value. Assessed Value is 10% of Full Cash Value. The Full Cash Value could be different (usually lower) than the price you paid for your home.
The amount of taxes you pay will vary based on where you live. Property taxes are the sum of state, county, municipal, school, and special district rates. There are also exemptions and rebates that may apply to your property. Questions on the tax liability for a specific property should be directed to the local tax assesors office. Contact us for that information.
The Assessor’s Office will update the assessed value of the property every year. The Assessed Value is determined based on a computer analysis of information like previous sales in the neighborhood, view, lot size, and square footage, to name a few variables. If you do not agree with the Assessed Value, you may appeal to the Assessor’s Office.
Property taxes are billed to the homeowner (or mortgage company if your taxes are paid out of the escrow account) twice a year. You can either include property tax payments in your mortgage payments or pay property taxes separately. The taxes are billed by and payable to the County Treasurer you live in. The taxes are billed in arrears, meaning that: The second half of the previous year’s taxes is billed on March 1st, and payable before May 1st. The first half of the current year’s taxes is billed on October 1st, payable before November 1st.