The yearly costs, which includes the General Tax Levy, Voted Indebtedness, and Direct Assessments, that the Department of Treasurer and Tax Collector sends by mail each financial tax year to all Los Angeles County residential or commercial property owners by November 1, due in two installments.

Adjusted Secured Residential Or Tax Bill A costs that changes the Annual Secured Residential or commercial property Tax Bill due to the following reasons: a modification or correction to the assessed worth of the residential or commercial property; the allowance of an exemption that was previously omitted; the correction of a Direct Assessment put on the residential or commercial property from a town or unique district; or the inclusion of a penalty for failure to adhere to particular requirements of the Office of the Assessor prescribed by law (this omits a charge arising from an overdue payment).

Ad Valorem " According to the value" - Based on value. For example, the Office of the Assessor determines residential or commercial property taxes based upon the examined value of a residential or commercial property.

Non-Ad Valorem " Not according to the worth."

Assessment. The rate or worth of a residential or commercial property for taxation functions.

Assessor's Identification Number (AIN). A 10-digit number (a.k.a., map book, page, and parcel) that determines each piece of real residential or commercial property for residential or commercial property tax functions, e.g., 1234-567-890.

California Relay Service. A telecommunications relay service that offers full telephone availability to individuals who are deaf, difficult of hearing, or speech impaired.

Closing/Settlement Statement. A file that provides the closing details on a realty deal including the escrow deposits for residential or commercial property taxes, commissions, loan charges, points, hazard insurance, and mortgage insurance. Also called HUD-1 Settlement Statement or Settlement Sheet.

Current Year. The present fiscal tax year in which the Department of Treasurer and Tax Collector issues a Yearly Secured Residential Or Commercial Property Tax Bill.

Current Assessed Value. The evaluated worth the Office of the Assessor appoints to a residential or commercial property.

Current Market Price. The estimated resale value of a residential or commercial property.

Delinquent/Delinquency. Each present year installation payment that is previous due.

Delinquency Date. The close of company on the last service day to make a timely installation payment, e.g., December 10 for the 1st installation payment due on November 1 and on April 10 for the 2nd installation due on February 1, for the Annual Secured Residential Or Commercial Property Tax Bill. A payment is late if the Treasurer and Tax Collector does not get your payment by the delinquency date, or if the United States Postal Service does not postmark your payment on or before the delinquency date. If the delinquency date falls on a Saturday or Sunday, by law, the Treasurer and Tax Collector extends the delinquency date to the close of service on the next company day.

Defaulted. The unsettled residential or commercial property taxes at the end of the fiscal tax year.

Direct Assessment. The expenses of services or advantages (e.g., weed removal, landscape, flood control, refuse, sewer, pathway repair, and lighting) that the Department of Auditor-Controller adds to the Secured Tax Roll at the demand of local demanding companies.

Electronic Check. An electronic type of payment made through the Internet that is developed to perform the exact same function as a standard paper check.

Escape Assessment. A taxable or an assessable previous year event that escaped the Office of the Assessor, which as an outcome, was not contributed to the remedied residential or commercial property's examined worth to the previous year Annual Secured Residential or commercial property Tax Bill.

Escrow. A contractual plan in which a 3rd party (title business or escrow company) gets and pays out cash or files associated with the sale of a residential or commercial property.

Escrow Statement. A declaration with the breakdown of credits, debits, and payments for the buyer and the seller at the closing of a realty deal.

Exemption. A protection or exclusion on a portion of residential or commercial property taxes.

Fiscal Tax Year/Tax Roll Year. A fiscal tax year runs from July 1 through June 30; a tax roll year refers to the financial tax year. For example, Fiscal Tax Year 2023-24 runs from July 1, 2023 through June 30, 2024, and the Tax Roll Year is 2023-24.

Five-Pay Plan. A five-year payment plan that enables defaulted residential or commercial property taxes to be paid in 20 percent increments of the redemption quantity, with interest, in addition to the existing year residential or commercial property taxes every year.

Four-Pay Plan. A four-year payment plan that permits previous year left assessments to be paid in 20 percent increments of the gotten away residential or commercial property taxes, without charges or interest, together with the current year residential or commercial property taxes yearly.

Impound/Escrow Account. An account a taxpayer establishes with his/her lending institution to pay residential or commercial property taxes.

Military Orders. The documentation required for military workers to get relief of residential or commercial property tax penalties.

Pay Online. To make an electronic payment for residential or commercial property taxes through the Department of Treasurer and Tax Collector's site. This is not a payment through your bank's online costs payment or home banking functions.

Personal Identification Number (PIN). An alphanumeric code necessary for completing electronic monetary transactions. The PIN can be discovered on any original Secured Residential or commercial property Tax Bill.

Postmark. A United States Postal Service (USPS) marking on an envelope or plan that shows the date and time a mail piece was apprehended by the USPS. Please go to https://ttc.lacounty.gov/avoid-penalties-by-understanding-postmarks/ for samples.

Prior Year. The residential or commercial property taxes that have defaulted or escaped throughout the previous financial tax year.

Residential Or Commercial Property Tax Postponement. A State program used to senior, blind, or handicapped people to delay their present year residential or commercial property taxes on their primary home if they satisfy particular requirements.

Public Auction. An auction, held pursuant to the California Revenue and Taxation Code Section 3691, in which the Department of Treasurer and Tax Collector auctions and offers tax-defaulted residential or commercial properties subject to the power of sale.

Reassessment. The rate or worth of a residential or commercial property when a change in ownership or completion of new construction occurs.

Reassessment Exclusion. A taxpayer's request to be excluded from reassessment of the worth of a residential or commercial property after satisfying certain conditions (e.g., transfer of residential or commercial property from parent/grandparent to child/grandchild or transfer of base year worth).

Secured Residential Or Commercial Property Tax Information Request form. A type to request info on several residential or commercial properties at one time.

Service charge. A charge for processing all credit/debit card deals for residential or commercial property tax payments.

Substitute Secured Residential Or Commercial Property Tax Bill. A replacement costs utilized for making residential or commercial property tax payments on lost or missing out on original expenses. This costs does not contain the Personal Identification Number or a breakdown of the General Levy, Voted Indebtedness, or Direct Assessments.

Supplemental Secured Residential Or Commercial Property Tax Bill. An additional tax expense issued as an outcome of the reassessment of the worth of a residential or commercial property upon a change in ownership or conclusion of new building.

Supplemental Tax Estimator. A tool to approximate the anticipated quantity of Supplemental Secured Residential Or Commercial Property Taxes on a current purchase of residential or commercial property. Please check out https://assessor.lacounty.gov/homeowners/supplemental-tax-estimator/.