Property taxes are due November 1st
Do you know when your property taxes are due? Most homeowners are pretty knowledgeable about the concept of paying taxes on their homes but the real concern should be how you can keep track of when your taxes are due? You absolutely do not want to be penalized with the consequences of delinquent property taxes.
Property taxes operate on a different fiscal calendar than a traditional tax season. Rather than paying and filing your taxes in April annually, properties owners have to abide by a different tax schedule where you pay your taxes in installments. Specifically 2 halves.
As a homeowner, your first half of property taxes are due November 1st. This installment is for the coverage months of July 1st through January 1st. Your second installment is due on February 1st for the coverage months of January 1st through July 1st, thus closing the loop.
Just like any other installment program, you’re enrolled in, you do have some leniency to come up with the property tax payments. Although your property taxes have deadlines, they also have a grace period. For example:
1st Half of property taxes:
Coverage period: July 1st through January 1st
Property Tax Due Date: November 1st
Delinquent on: December 10th
Grace period: 39 days
2nd Half of property taxes:
Coverage period: January 1st through July 1st
Property Tax Due Date: February 1st
Delinquent on: April 10th
Grace period: 68 days
Even with a grace period, you do not want to be delinquent in paying your property taxes. Some consequences include:
Paying a fine
Foreclosure
If you plan to sell your property you will need to clear all financial obligations
If you do not pay your property taxes prior to the delinquent date, you can be subject to paying an additional fine. Delinquency or late fees can sum up to be pretty hefty. You don’t want to incur additional fees!
As you can see there are many consequences to not paying your property taxes. Avoid these consequences and pay your property taxes on time.
For more information or questions on property taxes, please contact your preferred and trusted Mortgage Loan Broker, Tony Nasim at
tony@cawlr.com at California Wholesale Lending.
