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CARE Prin. Ch. 14-D

Taxation - Definitions

TermDefinition
Prop. 13 Limited real property taxes to 1% of the full cash value of the real property, plus an amount for local assessments and bonds.
What is the tax fiscal year start and end date for real property Starts July 1 and goes till June 30 of the next year
November 1 This is when the first installment of the property taxes are due
February 1 This is when the second installment of the property taxes are due
Tax Sale When an owner fails to pay property tax due on June 30 the tax collector publishes a notice of intent to sell the property to the State of California due to unpaid taxes.
Book Sale Tax collector enters owners name into a delinquent account but due to not paying taxes
5-year redemption period Owner can redeem his property by paying the back taxes, interest and other penalties that are due on the property
Special assessments Taxes levied to pay for specific improvements such as streets and sewers.
Progressive Federal and state rates increase as the income levels being taxed increase.
Depreciation deduction Depreciation deduction – Yearly allowance for wear and tear on a property. Permits owner to recover the original cost over the useful life of the property
Created by: cobiagwu
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