| A. | If your first account defaults either because of your failure to make at least one installment payment between July 1 and April 10, or because of your failure to pay your current year's taxes in full by April 10, you may open another account. However, the second account may not be opened until July I of the following fiscal year. You may NEVER reopen an installment account in the fiscal year that the property becomes subject to the power of sale. If you default a second time, you may open a third installment account. However, if you default a third time, no further installment accounts will be permitted and your property will become subject to the power of sale the following June 30. In that case, your property will be sold at a public auction or acquired by a public agency if you do not pay the full redemption amount before the date on which the property is offered for sale or acquisition. Each time you open an account, you have five years to pay the full redemption amount. However, it is to your advantage not to default on an installment account, since there is an additional penalty. When a second or third installment account is opened, the redemption amount is re-computed as though no previous payments had been made. This means you will be charged the 1-1/2% monthly penalty on the original unpaid taxes as though none of those taxes had been paid. However, as soon as the first payment on the second or third account has been made, you will be given credit for any previous payments against the re-computed redemption amount. You must also pay the start-up fee each time you open an installment plan. |
As an expert in property tax regulations and installment plans, my extensive knowledge in this field allows me to provide detailed insights and explanations regarding the concepts mentioned in the provided article. I have a proven track record of understanding the intricacies of tax policies, particularly those related to installment accounts and the consequences of default.
Let's break down the key concepts mentioned in the article:
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Default and Opening Another Account:
- If the first account defaults due to a failure to make at least one installment payment between July 1 and April 10 or a failure to pay the current year's taxes in full by April 10, the taxpayer may open another account.
- The second account, however, cannot be opened until July 1 of the following fiscal year.
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Restrictions on Reopening in the Same Fiscal Year:
- It's explicitly mentioned that you may never reopen an installment account in the fiscal year that the property becomes subject to the power of sale.
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Subsequent Defaults:
- In the event of a second default, the taxpayer may open a third installment account.
- If there's a third default, no further installment accounts will be permitted, and the property will become subject to the power of sale the following June 30.
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Consequences of Power of Sale:
- If the property becomes subject to the power of sale, it will be sold at a public auction or acquired by a public agency if the full redemption amount is not paid before the sale or acquisition date.
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Time Frame for Payment:
- Each time an account is opened, the taxpayer has five years to pay the full redemption amount.
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Penalties for Default:
- Defaulting on an installment account incurs an additional penalty.
- For second or third installment accounts, the redemption amount is re-computed as if no previous payments had been made, with a 1-1/2% monthly penalty on the original unpaid taxes. However, the first payment on the second or third account credits previous payments against the re-computed redemption amount.
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Start-up Fee:
- Each time an installment plan is opened, a start-up fee must be paid.
Understanding these concepts is crucial for property owners engaging in installment plans, as it outlines the conditions, penalties, and timelines associated with the management of property taxes. This expertise ensures accurate guidance and advice for individuals navigating the complexities of property tax regulations.
FAQs
The telephone number is (951) 955-3900 or (877) 748-2689 for those taxpayers in the 951 and 760 area codes. Whether making your request by letter, phone, or in person, you will need to provide the PIN number which you can find on a previous tax bill, or the address or legal description of the property.
What is a certificate of redemption California? ›
A Certificate of Redemption is a statement certifying that all delinquent prior year taxes have been redeemed. The Certificate of Redemption is mailed after receipt of full payment.
What is the redemption period for property taxes in California? ›
At the end of the 5 years for residential property and 3 years for non-residential commercial property, if the tax is not redeemed, the Treasurer and Tax Collector has the power to sell the property.
How can I get a copy of my property tax bill Riverside County? ›
You can request the bill in person, via our automated system at 951-955-3900, or a written request by mail with payment.
- Please include your name, PIN number, fiscal year, property address and mailing address where you would like to receive the duplicate bill. ...
- Your tax bill will be mailed to you within 5 business days.
During this time, the delinquent taxes, interest, and penalties are accumulating until they are all redeemed. At the end of the 5-years for residential properties and 3-years for non-residential commercial properties, if the tax is not redeemed, the TTC has the power to sell the property.
What is proof of redemption? ›
A certificate of redemption is a document given to someone who has paid the amount owed to reclaim their property that was foreclosed. It proves that the debtor has paid the redemption price for the foreclosed property. Redemption means getting back something that was lost by paying a specific price.
What are the two types of redemption? ›
What Are the Two Forms of Redemption?
- Equitable redemption is the right of a borrower to redeem the property before the foreclosure sale.
- Statutory redemption is the right of a borrower to redeem the property after the foreclosure sale.
Right to Redeem After a Judicial Foreclosure Under California Law. If the foreclosure is judicial, you may generally redeem the home within: three months after the foreclosure sale, if the proceeds from the sale satisfy the indebtedness, or. one year if the sale resulted in a deficiency.
What is the redemption period? ›
Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.
Do you pay property taxes after 65 in California? ›
The State Controller's Property Tax Postponement Program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria, including at least 40 percent equity in the home and an annual household income of $49,017 or less ...
If you wish to make your tax payment by credit card, you may use our online or telephone payment systems at (951) 955-3900, or in person at the Tax Collector's Office.
How to get a copy of property tax bill online in California? ›
If you did not receive or misplaced your tax bill, you can request a duplicate online at https://ttc.lacounty.gov/request-duplicate-bill/.
Where can I find my property tax statement in California? ›
You can view and print your current property tax statements or view past payment history by visiting the Property Tax Payment Portal.
What is the property tax loophole in California? ›
19 would narrow California's property tax inheritance loophole, which offers Californians who inherit certain properties a significant tax break by allowing them to pay property taxes based on the property's value when it was originally purchased rather than its value upon inheritance.
How far behind in property taxes before foreclosure in California? ›
Property that has become tax-defaulted after five years (or three years in the case of property that is also subject to a nuisance abatement lien) becomes subject to the county tax collector's power to sell in order to satisfy the defaulted property taxes.
Does paying property taxes give you ownership in California? ›
There's a lot of confusion about paying property tax and getting home ownership in California. Most people think if someone else pays their property taxes, they'll get the homeownership legally, which is not true. You can become a homeowner by buying tax deeds, not by paying someone taxes.
What is the redemption law in California? ›
What Is the Equitable Right of Redemption in California? California, like all states, provides an equitable right of redemption before a foreclosure sale. To redeem before the sale, you must pay off the mortgage debt (all of it, not just enough to bring the loan current), including principal, interest, fees, and costs.
What is a redemption deed in California? ›
The right of redemption refers to the right of a property owner to re-acquire ownership of his or her property after it has been sold to satisfy an obligation secured by the real property. This right had previously been associated with judicial foreclosures only.
What does it mean when a property is subject to redemption? ›
Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.
