if you buy in may and the county has already collected the first half of the year on the OLD tax rate then they need to get the difference on what should be your taxes in May/June. That is why there is supplemental.
1. You never have an escrow account with your mortgage. You are an adult. You can shop and pay your own homewoner's insurance, pay your own HOA fee and property tax bill. Just another point of failure if you have an escrow account. 2. Always pay your property tax bill, in person, and do the following: check the property you are being assessed (number of bedrooms, number of garages, etc. a common assesor trick is to add a bedroom and/or garage therefore, increasing your property tax bill.). How do they assess your property? They drive by your house and take a picture. Hence, why they oftentimes get the number of bedrooms wrong, the number of garages wrong, square feet wrong, etc. 3. When you pay your property tax bill, you also submit an appeal by showing your property is worth less to lower your property tax bill. Some assessor's offices will automatically reduce your property tax bill by $10K. No questions asked.
If you want to spend your time paying bills and going to the assessors office in person you certainly can. Most of my clients prefer to let the mortgage company handle it (costs the exact same). Great advice on how to submit an appeal. Depending on what county you are in this may work. Cheers!
@@MattTheMortgageGuy I wasn’t sure what you meant by Mortgage company. I had always thought it was the bank that lends the money. But, there are small lenders who may form the mortgage companies.
Hey ARI! Thanks man. Used to be common practice for title companies to explain this in detail. Hopefully the mobile notaries in 2020 are explaining it as well. I try not to overload new clients with too much info but this is certainly important.
That’s common in all areas. You’ll end up between 1.15-1.35 in most areas. Be thankful you’re not in Elk Grove or Lincoln. The Mello Roos tax there will have your tax bill at 2% or higher ...
Hi Matt, I just bought a house in Sacramento on October last year. I paid $20k more for the original selling price. Why I received two supplemental taxes the 1st one says change of ownership on June 2021 and the other one is change of ownership on October 2021. Is that right? Thank you
@@MattTheMortgageGuy thank you just got the bill. We called the county and they said it WILL go up 2%each year is that correct? Is there anyway around it?
Very good question Carlos. The answer is YES. The prior bill paid by builder would only be based on the land so for sure you'll get a supplemental bill after purchase. (Remember sometimes its not for 6-9 months until you get it but you'll get it)
Lol! Awesome Matt ! Shay here. ...And for those who have payed off their loans, well, too bad for you 🤣🤣 you will have a big chunk to pay very very soon! Question: may I pay only $750 instead of $14k 😎🤣😝
Thanks Guy.. I logged into my Mortgage website and i saw where it will be paid on a certain date upcoming....WOOO HOO!
Fantastic!
What month should you buy to not pay supplemental taxes? Why should one pay that when one has not lived in the house before?
if you buy in may and the county has already collected the first half of the year on the OLD tax rate then they need to get the difference on what should be your taxes in May/June. That is why there is supplemental.
1. You never have an escrow account with your mortgage. You are an adult. You can shop and pay your own homewoner's insurance, pay your own HOA fee and property tax bill. Just another point of failure if you have an escrow account.
2. Always pay your property tax bill, in person, and do the following: check the property you are being assessed (number of bedrooms, number of garages, etc. a common assesor trick is to add a bedroom and/or garage therefore, increasing your property tax bill.). How do they assess your property? They drive by your house and take a picture. Hence, why they oftentimes get the number of bedrooms wrong, the number of garages wrong, square feet wrong, etc.
3. When you pay your property tax bill, you also submit an appeal by showing your property is worth less to lower your property tax bill. Some assessor's offices will automatically reduce your property tax bill by $10K. No questions asked.
If you want to spend your time paying bills and going to the assessors office in person you certainly can. Most of my clients prefer to let the mortgage company handle it (costs the exact same).
Great advice on how to submit an appeal. Depending on what county you are in this may work. Cheers!
You should consult me. I just bought a condo.
Matt the Mortgage Guy do you mean the bank as the mortgage company?
@@mytravls - I’m not sure to what you are referring. The bank where you received the loan? The company servicing the loan?
@@MattTheMortgageGuy I wasn’t sure what you meant by Mortgage company. I had always thought it was the bank that lends the money. But, there are small lenders who may form the mortgage companies.
Good content bud. I just choked on my supplemental assessment bill.
Hey ARI! Thanks man. Used to be common practice for title companies to explain this in detail. Hopefully the mobile notaries in 2020 are explaining it as well. I try not to overload new clients with too much info but this is certainly important.
Sac county tax rate is 1% but on top of that I'm paying a lot of money for San Juan unified GOB and Los Rios Coll GOB. What is going on?
That’s common in all areas. You’ll end up between 1.15-1.35 in most areas. Be thankful you’re not in Elk Grove or Lincoln. The Mello Roos tax there will have your tax bill at 2% or higher ...
Also is 2% property tax increase for all of California or just Sacramento? And is Elk Grove property taxes higher than Sacramento?
All of CA. It’s the cap.
Is it better to pay the full amount at the end of the year instead of two installments?
sounds like .5 and .5 = 1 to me
Hi Matt, I just bought a house in Sacramento on October last year. I paid $20k more for the original selling price. Why I received two supplemental taxes the 1st one says change of ownership on June 2021 and the other one is change of ownership on October 2021. Is that right? Thank you
search for my video on "2 supplemental tax bills"
Do you get supplemental taxes happen in Elk Grove,ca?
Yep. Only during 1st year of ownership
@@MattTheMortgageGuy thank you just got the bill. We called the county and they said it WILL go up 2%each year is that correct? Is there anyway around it?
Great info. Thank you!
Thanks for watching D'Andre!! Glad it was helpful!
What is primary land fcv? And secondary improvement property fcv ?
you see that on your bill?
Hi, where can i find the Unsecured Property Tax Bill number from the property tax statement? Thanks in advance.
I think it’s going to be different in every county, in Sacramento county you can also lookup online with your address
loving this video! Thanks Matt!
Thanks Mark! Appreciate you and your support. Your channel is so much fun to watch
Hey Matt. As a lender doing a refi in California. Est closing is mid August, would you set the aggregate for impounds to start 3/1/2022?
i closed my house this february 28th and i already recieved supplemental tax bill for $1721.yikes😢
Good stuff here, thanks for the link too!
You bet!
Is it property tax or county tax im confused
The county collects your “property taxes”
Is there a supplemental tax bill on new builds?
Very good question Carlos. The answer is YES. The prior bill paid by builder would only be based on the land so for sure you'll get a supplemental bill after purchase. (Remember sometimes its not for 6-9 months until you get it but you'll get it)
Lol! Awesome Matt ! Shay here. ...And for those who have payed off their loans, well, too bad for you 🤣🤣 you will have a big chunk to pay very very soon! Question: may I pay only $750 instead of $14k 😎🤣😝
Hey Shay! Great to hear from you! Hope you are well
Doing well. Hope you and family are good as well. Subscribed 👊🏼