Property taxes

[Gamaliel Ortiz]

What should I know about property taxes in Placer County?

[David Hoggatt]

Thank you for your question. Here are a few things to know about property taxes in Placer County…

1) OVERALL TAX RATE – In California, the property tax rate is 1% of assessed value, plus any additional tax rate necessary to fund local voter-approved general obligation bonds and other indebtedness.

2) DIRECT CHARGES – In Placer County, property tax bills may also include voter approved direct charges for benefits provided to the property. Direct charges are typically assessed as flat amounts on a property tax bill and are not based on the value of the property. Many of the direct charges in Placer County are bonds which will mature (end) once they are paid off. Examples of these bonds are:
– Mello Roos Bonds – These bonds are used to finance public facilities and are often used in new neighborhoods in Placer County (West Park in Roseville, Whitney Ranch in Rocklin, Lincoln Crossing in Lincoln, etc) to provide homeowners with access to schools, fire-houses, police stations, etc.
– 1915 Act Bonds – These bonds are issued to raise money to build improvements like streets, curbs, gutters, underground sewers and water infrastructure.

3) SUPPLEMENTAL TAXES – Many new home buyers get surprised by a supplemental tax bill months after moving in. When a property changes ownership in Placer County, it triggers a supplemental assessment which is the difference between the prior and the new assessed values (sales price). If the house sold for more than the prior assessment (which is typically the case) then the Placery County Tax Assessor will issue a supplemental tax bill to the new owner.
– GOOD NEWS – If when you purchased the home you elected to have your taxes included in your monthly mortgage payment, you may be able to send the supplemental tax bill to your mortgage servicer and ask them to pay it.

4) TAX EXEMPTIONS – In Placer County, there are some property tax exemptions that you should be aware of:
– Homeowners’ Exemption – Homeowners may be able to claim an exemption on their primary residence (the one you live in). The exemption can reduce the assessed value of the property by $7,000. You only have to apply for this exemption once and if it is approved it will continue each year as long as you own and occupy the property.
– Disabled Veterans’ Exemption – This exemption can provide tax relief for qualified veterans or their unmarried surviving spouse.
– Seniors Tax Postponement Program – Senior citizens and disabled persons with an annual household income of $35,500 or less can apply to have their property taxes deferred on their primary residence.
– Solar Energy New Construction Exclusion – If you buy a new home with an active solar energy system, you may qualify for a reduction in the assessed value of the property.

5) DUE DATES – Many homeowners in Placer County have their property taxes included in their monthly mortgage payment. Each month a portion of that payment gets deposited into an impound account which the mortgage servicer uses to pay the Placer County property tax bill which is collected in two installments and due on:
– First Installment Due – November 1st
– First Installment Deadline – December 10th
– Second Installment Due – February 1st
– Second Installment Deadline – April 10th

Hope this answer helps. Please feel free respond if you want me to cover any of these items in greater detail.

[Author]

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