California Real Estate Supplemental Tax Bill Explained
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- Опубліковано 27 вер 2024
- An informational video explaining the California real estate supplemental tax bill and how you can be prepared when this bill arrives after purchasing a home in the state of California.
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Toby Fernie is a top producing REALTOR® in Monterey County at eXp Realty. In 2021 he received the award for President's Club Elite, a distinction for the top 3% of the 100,000 Coldwell Banker Realty agents worldwide.
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….also be on the lookout for this bill since it looks similar to the normal property tax bills. I live in Imperial county and the bill was very subtly different and I let it go delinquent since I didn’t realize my mortgage company wouldn’t be covering it under my mortgage bill.
Yeah thanks for your feedback, that is a great point!
That is what happened to me ; plus they sent one to me with the previous owners name so I thought it was a mistake and did return to Center then a few months later got hit with the bills plus penalties had no idea
So my past client (seller needs to pay supplemental taxes) the only thing I can think about was they didn't send the PCOR.
Was the sell under a Living Trust?
I wish I had know this before I purchased I was blindsided and I appreciate you taking time to make this video ❤
Of course, my pleasure. Sorry that this wasn't explained to you by your lender or Realtor!
What if I purchased a new build? How does that work because I bought a new build in 2021 in Riverside County and received a supplemental bill almost 2 years after purchase.
Not sure how a new build would be any different. I'd check in with the local tax office and a CPA.
how often do you pay a supplemental tax bill? Is it an annual bill or a one time tax after purchasing?
Should be once but check with a CPA.
OK but we want to appeal the base value- Do we appeal the supplemental bill or the annual bill to do that
Thanks. P died, ass. rejected reasssment exclusion w out explanation and we believe it was overvalued when reasssed.
Want to appeal base value-so do we use the supplemental or annual appeal application?
Advise please Thank you
I would check in with a CPA on that question and the local municipality.
@5:32 -- Great info ... BUT This part ( at 5:32) was very confusing ... how would you save money if you're paying PITI based on the NEW property value ?? Wouldn't the previous owner's property value be lower ( means peroperty taxes would also be lower )... so you would save money that way ... NOT by paying PITI based on the New higher value ! Any clarifications ...?
Thank you for the comment. Sorry I don't fully understand your question. You wouldn't save any money by paying the PITI of the purchase value as you're correct the new value would likely be higher than the previous owners were paying. Paying the PITI that you should be paying right from the start will provide excess money for you in your impound account so when you receive the supplemental tax bill you'll have excess money in your account to pay off the difference. If you only pay the taxes (The T in PITI) of the previous owners' amount then you would owe an additional amount of money when the tax collects offirce adjusts the property tax amount. Does that make sense?
Will it say supplemental on the bill? I got one without any supplemental word on it
I don't believe so. But I'd say worth checking with your lender, CPA or the local tax office.
@@livinginmontereycalifornia831 i checked online, it mentions upcoming taxes to be paid, and I checked the previous ones, and they were all paid by escrow. Idk why i got a bill
If my payment is escrowed, I have no choice but to pay the current 1.25% for taxes right? I can't pay the sellers old tax amount per month since it's already been established. I heard I might get an escrow refund since the taxes are still based off the sellers tax basis and they can't have more money in my escrow acct...?
Would be a better question for your lender or a CPA.
We are about to pay our second installment. Do we get this bill every year?
You shouldn't after the first two as it should adjust in your second year but check in with your lender to confirm.
@@livinginmontereycalifornia831 oh thank God lol. Ours is over $3k each installment. Ridiculous they do it on a new build. Everything was just dirt before we owned. 🤦🏽♂️
@@djglennb736 again I'd check with your lender or a CPA but it should just be one time.
Can I challenge the property taxes...in case their calculations are not right and got over charged
That would be a great question for a CPA and the local tax board.
Do I have to expect this bill for a business. I’m renting a building for a business , does the owner of the property take care of this
That's a great question. I would think this would have needed to be negotiated in your lease terms if the owner was expecting you to take care of that cost. This video is mostly related to residential and I'm not as familiar with commercial.
The BOE-266 will that help with taxes ?
Sorry, I'm not familiar with the BOE 266?