Property taxes are an essential part of owning real estate,as they contribute to funding local government services and infrastructure.If you own property in Los Angeles,it's crucial to understand the property tax system and the deadlines for tax payments.We will explore when property taxes are due in Los Angeles,including important dates,payment options,and penalties for late payments.
Property Tax Basics in Los Angeles
Property taxes in Los Angeles County are assessed by the Los Angeles County Assessor's Office and collected by the Los Angeles County Treasurer and Tax Collector.The assessed value of your property,determined by the assessor's office,serves as the basis for calculating the annual property tax bill.The tax rate is typically a percentage of the assessed value.
Annual Property Tax Cycle
The property tax cycle in Los Angeles follows a specific timeline.It's important to be familiar with these key dates to ensure timely payment and avoid penalties:
a.July 1st-Fiscal Year Begins:The fiscal year for property taxes in Los Angeles County begins on July 1st.This is the starting point for assessing the value of your property and determining the property tax amount for the upcoming year.
b.November-Assessment Notices:In November,the Los Angeles County Assessor's Office sends out assessment notices to property owners.These notices indicate the assessed value of the property and provide an opportunity for property owners to review and potentially contest the assessed value if they believe it is inaccurate.
c.Early December-Property Tax Bills Mailed:Property tax bills for the fiscal year are typically mailed in early December by the Los Angeles County Treasurer and Tax Collector.The bill includes the total amount due,payment options,and the deadline for payment.
d.December 10th-First Installment Due:The first installment of property taxes is due on December 10th.This installment covers the period from July 1st to December 31st.Property owners have the option to pay the full amount at once or make a partial payment by this due date.
e.April 10th-Second Installment Due:The second installment of property taxes is due on April 10th of the following year.This installment covers the period from January 1st to June 30th.
Los Angeles County provides several payment options to make it convenient for property owners to fulfill their property tax obligations:
a.Online Payments:Property owners can make secure online payments through the Los Angeles County Treasurer and Tax Collector's website.This option allows for electronic fund transfers or credit/debit card payments,though additional convenience fees may apply for card transactions.
b.Mail:Property owners can choose to mail their payment to the Los Angeles County Treasurer and Tax Collector's Office.Ensure that the payment is postmarked on or before the due date to avoid late fees.
c.In-Person Payments:The Treasurer and Tax Collector's Office accepts in-person payments at their office locations.Cash,checks,money orders,or cashier's checks are typically accepted.
d.Escrow Accounts:If your property is mortgaged or you have an escrow account,your mortgage lender may collect property tax payments as part of your monthly mortgage payment and handle the payment on your behalf.
Penalties for Late Payments
It is crucial to make property tax payments on time to avoid penalties and potential consequences.In Los Angeles County,if you fail to pay property taxes by the due dates,penalties will be applied as follows:
a.December 11th-First Installment Late:If the first installment payment is not made by December 10th,a 10%penalty will be added.
b.April 11th-Second Installment Late:If the second installment payment is not made by April 10th,a 10%penalty plus a$10 cost will be added.
c.Delinquent Payments:If property taxes remain unpaid for an extended period,additional penalties and fees can accrue,and the property may be subject to a tax lien or even a tax auction.