Page 19 - CTT-CA Real Estate Foreign Buyer & Seller Guide_English

Property Taxes
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Change of Ownership Filings
Homeowners pay property taxes. 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. Taxes are due on certain dates and become delinquent when not paid. Penalties are assessed for delinquent taxes. The yearly “tax calendar” varies by state. Below are the dates that the real property tax are due in California.
In addition to standard property taxes, many jurisdictions also contain special as- sessment districts, which may have been formed as a means of financing infra- structure. 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 bond issues vary in size and term.