Navigating through the Sacramento property tax landscape can often feel like a daunting task, especially for new homeowners. However, having a clear understanding of how property taxes work in Sacramento County is necessary for effective financial planning. In this guide, we’re going to cover all the aspects of property taxes in Sacramento, ensuring you are well-equipped and financially prepared when your taxes come due.
What Are Property Taxes?
Property taxes are essentially levies imposed by local government entities on property owners. The revenue generated from these taxes plays a pivotal role in sustaining community services like education, public safety, and infrastructure maintenance.
How are Sacramento Property Taxes Calculated?
Knowing how your Sacramento property tax is figured out can be very helpful. The Sacramento County Assessor’s Office is responsible for assessing the value of properties within the county. Your property’s assessed value is then multiplied by the property tax rate to determine the amount due.
In California, the baseline property tax rate is 1% of the assessed value of your property, augmented by any voter-approved bonds and special assessments. Once local adjustments are factored in, the effective property tax rate in Sacramento is around 1.25% of your property’s purchase price.
When Do I Need to Pay Sacramento County Property Taxes?
It’s important to know when your property tax payments are due to avoid extra late fees. In Sacramento, you pay your property taxes in two parts:
- The first part is due on November 1st and late after December 10th.
- The second part is due on February 1st and late after April 10th.
Make sure to mark these dates on your calendar to pay on time.
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December 5, 2023
View mortgage rates for December 5, 2023
Can I Pay My Sacramento Property Tax Bill Online?
Yes, you can! Sacramento County has an online system where you can pay your property tax using a credit card or other online payment methods. This online system makes it easy to pay your taxes on time and avoid late fees.
What About Supplemental Taxes?
In addition to your regular property taxes, new homeowners may also encounter supplemental taxes. These taxes arise when there’s a change in ownership or new construction, reflecting the difference between the previous and new assessed values of the property.
How Are Supplemental Taxes Calculated in Sacramento County?
When a property in Sacramento County undergoes a reassessment due to a change in ownership or new construction, the County Assessor recalculates the new assessed value. The difference between the old and new assessed values is used to calculate the additional tax. This tax is divided based on the months remaining in the fiscal year. The calculation starts from the date of the ownership change or completion of construction.
Frequently Asked Questions
What If I Pay My Property Tax Late?
If you pay your taxes late, the Tax Collector’s Office will charge you extra fees as a penalty. So, it’s important to pay on time to avoid these additional charges.
How Can I Check My Sacramento Property Tax Bill?
Sacramento County has resources for homeowners to check their property tax bills. You can check your tax bill online or contact the Tax Collector’s Office for more information.
Is There a Limit on How Much My Sacramento Property Taxes Can Increase?
Yes! In California, a law called Proposition 13 makes sure your property taxes can’t go up more than 2% each year.
Proposition 13, or Prop 13, is a California law from 1978 that shapes property taxes for all of California. It caps the basic property tax rate at 1% of the property’s purchase price or assessed value, plus any local taxes and assessments approved by voters.
The assessed value of your property, initially based on the purchase price, can only increase by a maximum of 2% per year, regardless of market value changes. However, significant events like a change in ownership or major construction can trigger a reassessment, setting a new base value for taxation.
Questions About Your Taxes?
Whether it’s the property tax rate, the property tax assessment process, or how to pay your bill, JVM Lending is here to guide you every step of the way. By decoding the complexities of property taxes in Sacramento and leveraging the available online information, homeowners can adeptly manage their property taxes, steering clear of any undue penalties.
Contact us at JVM Lending for more information on property taxes and let us be your go-to resource for all of your Sacramento real estate questions. Reach JVM Lending at (855) 855-4491 or email [email protected].
Please Note: The information provided in this blog post is intended for informational and educational purposes only. JVM Lending is not a tax professional or financial advisor. Property tax laws and regulations can be complex and may vary by location and individual circumstances. We strongly recommend consulting with certified tax professionals for personalized advice and guidance on property tax matters. If you’d like a referral to a tax professional or financial advisor, contact us and we’ll happily refer you to one of the trusted professionals in our network.