IMPORTANT NOTICE REGARDING PROPERTY TAXES WHILE IN ESCROW
While your property is in escrow, PLEASE DO NOT PAY ANY OF YOUR REAL PROPERTY TAXES WITHOUT FIRST CONTACTING YOUR ESCROW OFFICER. If the title company cannot verify that your taxes are paid, it will be necessary to hold the amount of the installment due PLUS penalty until the title company can verify that the County Tax Collector has received your full payment. Funds will be held up to 30 days after the close of escrow at which time the title company will forward said funds to pay taxes and penalties. This may result in a double payment of property taxes. YOU WILL HAVE TO APPLY DIRECTLY WITH THE COUNTY TAX COLLECTOR FOR ANY REFUND WHICH MAY BE DUE YOU. THIS OFFICE WILL NOT APPLY FOR ANY REFUND(S).
DUE DATES |
1. | FIRST INSTALLMENT | The first installment of real property taxes is due 11/1 and is delinquent after 12/10. (This installment covers a tax period from 7/1 through 12/31 of the same year). |
2. | SECOND INSTALLMENT | The second installment of real property taxes is due 2/1 and is delinquent after 4/10. (This installment covers a tax period from 1/1 through 6/30 of the same year). |
3. | SUPPLEMENTAL TAXES | Supplemental taxes are assessed throughout the year. Due dates vary. Refer to payment stubs for due dates and delinquent dates. |
PAYMENT METHODS (if escrow closes by:) |
1. | JAN. 1 - APR. 5 or NOV. 1 - DEC. 5 | a. If your escrow CLOSES BETWEEN these dates, your taxes will be paid from your proceeds at the close of escrow. b. If your escrow CLOSES AFTER these dates, bring your tax payment stub and a CASHIER'S CHECK PAYABLE TO THE LOS ANGELES COUNTY TAX COLLECTOR to this office. We will forward same to the title company for payment. We must have these items at least 5 business days prior to the delinquency date to avoid penalties. If payment is not made in this manner, the title company may withhold funds pending notification that the County Assessor has posted your payment. |
2. | APR. 5 - NOV. 1 or DEC. 5 - JAN. 1 | a. If you paid your taxes, please provide us with a copy of your cancelled check. b. If you HAVE NOT paid your taxes, and they are delinquent, taxes will be paid at close of escrow, from your proceeds, including any penalties due. |
3. | SUPPLEMENTAL TAXES | a. Supplemental taxes have various due dates. To avoid penalties and to avoid having the title company hold funds pending notification that the County Assessor has posted your payment, PLEASE CONTACT THIS OFFICE PRIOR TO MAKING ANY PAYMENTS DURING ESCROW. |
If you have any questions regarding tax payments while in escrow, always contact your Escrow Officer with your questions and/or concerns.
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