As we kick off the new year, Oakwood Escrow is here to share valuable insights on San Diego County property taxes – information that can be incredibly helpful for your clients. Understanding property taxes is an essential part of homeownership, and by staying informed, you can become an even more valuable resource to your buyers and sellers. Let us help you strengthen those relationships with the knowledge they need to navigate property taxes with confidence.
Key Property Tax Deadlines
In San Diego County, the property tax fiscal year runs from July 1 to June 30. Here are the important deadlines:
- First Installment: Due November 1, delinquent after December 10 (10% penalty applies).
- Second Installment: Due February 1, delinquent after April 10 (10% penalty plus $10 cost).
Unpaid taxes after June 30 result in additional penalties. Helping your clients stay informed about these dates can save them unnecessary fees and stress.
How Property Taxes Are Assessed
Under California’s Proposition 13, property taxes are based on the assessed value at the time of purchase, with a base tax rate of 1%. This assessed value can increase by a maximum of 2% annually, regardless of market trends. Additional voter-approved bonds and special assessments typically bring the effective tax rate to approximately 1.25%.
Where Property Tax Revenue Goes
It’s helpful to remind clients how their property taxes contribute to the community, funding:
- Local schools and community colleges.
- Police, fire, and emergency services.
- Roads, parks, and public facilities.
- Public health and social services.
Tips to Share with Clients on Lowering Property Taxes
Empower your clients with these strategies to help them save:
- Homeowners’ Exemption: Primary homeowners may qualify for a $7,000 reduction in assessed value. Encourage them to apply with the County Assessor.
- Appeal Assessments: If your clients feel their assessed value exceeds market value, they can appeal for reassessment, potentially lowering their tax bill.
- Disabled Veterans’ Exemption: Share information about significant tax exemptions for disabled veterans on their primary residence.
- Disaster Relief: Properties damaged by natural disasters may qualify for temporary reassessment during repairs.
Be the Resource Your Clients Need
As real estate professionals, you are often your clients’ go-to for guidance. Providing insights into property tax processes and savings opportunities can build trust and position you as an expert in your field.
For additional resources:
- Assessor/Recorder/County Clerk: (sdarcc.gov) – Assistance with assessments and exemptions.
- Treasurer-Tax Collector: (sdttc.com) – Information on tax bills and payments.
At Oakwood Escrow, we are here to support you and your clients every step of the way. If you have questions or need assistance, don’t hesitate to reach out.