Tax Dates
Tax Dates
If you have a transaction that is currently in escrow or escrow is about to be opened, the following information may be important.
1. Contact your escrow officer or title company to find out if the property taxes are unpaid or paid. If there are any steps that are required they will be able to guide you.
2. If a tax payment is currently due, but not yet paid, contact your escrow officer prior to making any payment to the county.
3. Any installment of a new tax bill can be paid from the proceeds of a sale at the close of escrow. However, there will be at least a 10% penalty if escrow closing is after the delinquency date.
4. If either or both payments cannot be verified but seller claims they were paid, seller will have to provide written evidence of payment.
5. If the lender has an impound account, taxes will be paid from that account prior to the delinquency date. Note that if the loan is paid prior to the tax’s due date, the lender will return any funds in your impound account directly to you after the loan is paid in full.
Important Information for Escrow Transactions Involving Property Taxes Steps to Take
1. Contact Your Escrow Officer or Title Company Find out if the property taxes are unpaid or paid. They will guide you through any necessary steps.
2. If Taxes Are Due but Not Paid Contact your escrow officer before making any payment to the county.
3. Paying from Sale Proceeds Any installment of a new tax bill can be paid from the proceeds of a sale at close of escrow. However, if escrow closes after the delinquency date, a minimum 10% penalty will apply.
4. Verification of Payments If payments cannot be verified but the seller claims they were paid, the seller must provide written proof of payment.
5. Lender’s Impound Account If the lender has an impound account, taxes will be paid from that account prior to the delinquency date. If the loan is paid off before the tax due date, any remaining funds in the impound account will be returned to you after payoff. Tax Timeline Overview Key Dates January 1 – Assessment date February 1 – Second installment due April 10 – Last day to pay second installment without penalty April 15 – Last day to file for Homeowners, Veterans, and Senior Citizens exemptions June 8 – Publication date for delinquent taxes July 1 – Start of fiscal tax year July 1 – Properties with delinquent taxes sold to the state July 30 – Last day to advise owners of new values August (late) – Sale numbers assigned for delinquent taxes September (mid) – Tax rates set October (last week) – Tax bills mailed November 1 – First installment due December 10 – Last day to pay first installment without penalty Delinquency Penalties December 10 to April 10 – First installment delinquent (add 10% penalty) April 10 to June 30 – Second installment delinquent (add 10% penalty + $10 cost) July 1 onward – Additional penalties accrue (add 10% penalty, $10 cost, $15 redemption charge, 1.5% per month) Tips- Always verify the status of property taxes before making payments during escrow.- Avoid penalties by paying on time or coordinating closely with your escrow officer
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