What Is A Supplemental Tax Assessment?

        State law requires the Assessor’s Office to reappraise property immediately upon change of ownership or completion of new construction. The Assessor’s Office must issue a supplemental assessment which reflects the difference between the prior assessed value and the new assessment. This value is then prorated based on the number of months remaining in the fiscal year, ending June 30^th.

For example, if property is purchased on September 15^th with a market value of $150,000, and it has a prior assessed value of $50,000, this will result in a supplemental assessment for the difference ($100,000) prorated for the remaining months in the fiscal year (9 months from October through the following June):

$150,000   New Purchase Price/Market Value

-$50,000    Prior Assessed/Taxable Value

$100,000   Supplemental Assessment

x 9/12       Remaining months in Fiscal/Tax Year

$75,000     Supplemental Assessment

x 1%          Tax Rate

$750          Supplemental Tax Bill

        This supplemental tax bill is in addition to the regular tax bill which is based on the assessed value as of March 1^st of each year. If a second sale or transfer of the property occurs during the same fiscal year, but before the mailing of the first Supplemental Tax Bill, the taxes will be prorated between the owners by the Assessor’s Office. If the date of the sale or transfer occurs between March 1^st and May 31^st, a second Supplemental Taxes, call the San Diego County Assessor at (619) 535-5761.

 

This information is designed to provide accurate and authoritative information in regard to the subject matter covered. It is given with the understanding that the author is not engaged in rendering legal service. If legal advice or other expert assistance is required, the services of a competent legal person should be sought.