So, What are Supplemental Property Taxes?
OCCOASTPROPERTIES answers:
SUPPLEMENTAL PROPERTY TAXES
In the event that your purchase price exceeds that of the prior owner, a supplemental bill will be generated covering the difference between the current tax bill and the amount due caused by the increased value. It’s the BUYER’S responsibility to ensure payment of the Supplemental Taxes as they cannot be billed to a lending agency.
This often comes as a surprise to new home buyers as they often receive a letter from the tax collectors office 30-90 days after the close of escrow. Your agent should advise you of any potential supplemental taxes that may be forth coming.
In Orange County, Calfornia you can visit the website for the Orange County Tax Collector/Treasurer or call by phone at (714) 834-3411
Click Orange County Tax Assessor website or call by phone at (714) 834-2727
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