Additionally, homeowners who are 55 years of age or older, disabled, or victims of natural disasters may be eligible for the Homeowners' Exclusion, which allows them to transfer their low base year value to a replacement home within the same county. These staggered payments are tied to the fiscal calendar used by most local governments and are designed to spread the revenue stream throughout the year, although the amounts can vary significantly between the two periods based on the timing of the fiscal year.
Understanding the Installment Payment Schedule in California
The total property tax bill is derived from a combination of different levies, with the base rate for Proposition 13 taxable value locked at 1 percent. The remaining amount needed to fund local services comes from voter-approved debt obligations and special assessments for specific districts, such as schools, community colleges, and various municipal improvement projects.
Breaking Down the Tax Rate Components While the assessed value is capped, the tax rate itself is not a single flat percentage applied across the state. The first bill, covering the period from July 1 to December 31, is typically due on November 1 and becomes delinquent after December 10.
Understanding the Installment Payment Schedule in California
How Property Assessment Works Under Proposition 13 The cornerstone of California property taxation is the concept of assessed value, which is initially set at the full cash price of the property when it is purchased or newly constructed. The second bill, covering January 1 to June 30, arrives in February and is due by April 10, with delinquency occurring after April 30.
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