Property Taxes

Everyone who owns a home or property has them, but do you understand why? Property taxes are governed by California State law and are collected by each county. These taxes are in place to help with the upkeep of infrastructure, and all taxes remain in the county they are collected in to contribute directly back into that community. These are things like roads, street lights, schools and libraries, and many other public services.

How Property Taxes are Determined

Generally, the assessed value is the cash or market value of the property at the time of purchase. This value increases every year up to but no more than 2% per year until the property is sold or new construction has been completed. After an inspection, the Auditor-Controller applies the appropriate tax rates, which include the general tax levy, locally voted on special taxes, and any city or district direct assessments. The Tax Collector, sometimes called the Treasurer-Tax Collector, prepares the property tax bills based on the Auditor-Controller's calculations, distributes the bills, and then collects the taxes.

About Property Taxes

Homeowners pay property taxes to their appropriate assessment, collection, or franchise tax department in each county. A change in ownership or the completion of new construction could result in a change in the assessed value of the property and may result in the issuance of a supplemental property tax bill. In addition to standard property taxes, many jurisdictions also contain special assessment districts, which may have been formed as a means of financing infrastructure. Bonds may have been sold to finance the infrastructure and the ultimate property owner continues to make payments on the principal and interest on the bond. The yearly Tax Calendar varies by state, and taxes are due on predesignated dates and become delinquent when not paid. Penalties are assessed for the delinquent taxes, and properties may be sold at public auction after 5 years of tax delinquency.

For more information on local Marin County tax rates or any other questions, you can go to the Marin County Department of Finance's website, Department of Finance. You can also ask a tax advisor or go in to the Finance office at the Marin Civic Center suite 225.

Below is a chart that outlines Marin County's specific Tax Schedule to help you better understand when specific deadlines are for filings and to know when tax bills are due.

Happy Monday!
~ Kelly Cranmer Valadez


Copyright 2012 Fidelity National Title. All content herein is informational only and not intended to offer legal or financial advice.