The government-imposed real property tax in Monterey, California is derived from any piece of land with objects permanently or semi-permanently added to the land like trees, buildings or minerals among others.
The government measures property taxes based on the land’s value percentage. While others pay their taxes on an annual basis, some can choose to pay using set intervals. The U.S. federal government does not set property taxes but payments are imposed by the county, state and the local governments.
How Monterey, California Lawyers Calculate Property Tax
Like in other places in the U.S., property tax in Monterey is a type of a tax that is levied on a specific property’s appraised value. These tax rates can go from 0.2% to 5% of a property's value.
To determine the rate, Monterey tax authorities first figures out the value of a piece of land or a house. Values may not be objective like in the case of families who value property as an heirloom which places the owned property’s value more than it actual monetary worth. This is why tax officials are careful in the valuing process and only employ objective criteria when valuing property tax.
Therefore, Monterey land appraisers look at various aspects. These important factors include the market status of real estate, size of the property, and zoning.
It is always the county tax assessor who determines the exact value of your property which then transmits the information to the county auditor. The auditor, in turn, computes the taxable amount by means of multiplying net taxable value with existing tax rate.
Adding to the tax amount are direct assessments imposed by districts and agencies after which the auditor sends the bill on to the tax collector, thereby putting the Treasurer-Tax Collector in charge of collecting the taxable amount.
Tax bill generation happen each fiscal year which starts from July 1st up to June 30th and property owners start mailing them in the middle of October. Payments can be done in two installments.
First installment falls on the 1st of November and penalties are due after 5 PM of December 10th. Second payment is scheduled on the 1st of February with penalties due after 5 PM of April 10th.
Take note that when your delinquency due dates fall on either Saturday or Sunday as well as a legal holiday, the delinquency hour can be extended up to 5 PM of the next business day.
Failure to pay before 5 PM of June 30th declares the property as tax-defaulted. If the remaining tax-defaulted amount is not yet paid within five or more years, it gives the tax collector the power to sell the property at a public auction or convey the property in question to a new owner.
Why Monterey, California Property Tax Attorneys Play a Big Role
With all the complexities that go with property tax laws in Monterey, California it is best to find someone who knows how the system works. There will always be legal disagreements on how property taxes are handled by individuals and these may arise from the smallest issues due to unfamiliarity of taxation and consequences brought about by negligence.
There might appear cases of overestimating your property’s value, thus, you will be liable to pay far higher than the necessary amount. The government may also claim that there was an underpayment even if you already paid the right amount. Issues other than this may appear if you cannot find the right legal help.
Nevertheless, if you decide to of hire a professional to help, it will reduce your chances of being penalized. You can also be sure that you are on the right track.
It is best to consult a lawyer when it comes to legal issues with property taxes. Although these may appear as a yearly payment schedule, failure to follow the rules can lead to some minor brushes with the law.
LegalMatch can help you in find the right tax attorney near you. Just present your case by answering a few questions and Legalmatch will find the best lawyer for your situation.