During your transaction you received a number of disclosures informing you that you will be getting a Supplemental Tax Bill from the county. At some point (and only the county knows when), they will figure out that the property has sold and the taxes need to be reassessed. Don’t worry about when – it WILL happen … when the county gets around to it.

Once you get the Supplemental Tax Bill, simply follow the directions on the notice to pay the balance owing. In addition, send a copy of the notice to your lender so they can adjust the impound account accordingly. Normally lenders take more than they need when they set up the impound account, so you will probably not need to pay them anything extra.

In the current market, some buyers are actually getting refunds when they get their Supplemental Tax Bill IF the previous property taxes were higher than your taxes now.

Property taxes are typically $1.25 pet thousand dollars of purchase price and, because of Prop 13, will remain constant as long as you own the home. If you add any additional square feet in the future, it will be reassessed.

Hello Irwtfybb,

The property will be re-assessed after the sale, whithout you doing anything. The impound accound will take care of the changes automatically, you do not need to do anything. Just keep it in mind that the change in re-assessed value will not be showing on your tax roll for a while, it could take up to a year to see change on your property tax bill.

Best regards.

Eva Bradley