MARIN COUNTY PROPERTY TAXES
Below you will find useful information on Marin County Property Taxes. Click on each link below to skip to the section in which you are interested or scroll down to read the entire article.
1. BASE PROPERTY TAX RATE/PROP. 13:
Since the “tax revolt” and enactment of Proposition 13 in June 1978, Marin County properties have been assessed at a tax rate of 1% of the property’s assessed value. In addition, there is an average 0.25% levied for various fees and bonds for schools, police and fire departments, libraries, etc., bringing the Marin County average tax rate to about 1.25%.
Proposition 13 restricts annual increases of assessed value of real property to an inflation factor, not to exceed 2% per year. As your base year value increases by 2% every year it becomes your “factored base year value.” Prop. 13 also prohibits reassessment of a new base year value except for (a) change in ownership or (b) completion of new construction.
The assessed value is typically the cash or market value of the house at the time of purchase or “base year value” and, if you have owned your home for several years, it can be much lower than the current fair market value, or if your purchased your home during the recent real estate boom, it could be higher than the current fair market value of your property.
2. PROPOSITIONS 60-90:
If you decide to sell your home and replace it with a smaller home, you’ll want to know about these propositions. Propositions 60, 90, and 110 are constitutional amendments approved by the voters of California. They provide for the transfer of a property’s base year value from an existing residence to a replacement residence, under certain conditions, for qualified persons over the age of 55 or persons of any age who are severely and permanently disabled. Click here for more information.
As we saw above, when California Proposition 13 passed in 1978, it restricted the ability of local governments to raise property taxes by no more than an inflation factor. The budget for services and for the construction of public facilities therefore could not continue unabated. As a result, new ways to fund public improvements in respective locales were considered and Mello-Roos was born.
A Mello-Roos District is an area where a special property tax on real estate, in addition to the normal property tax of 1%, is imposed on those real property owners within a Community Facilities District. These districts seek public financing through the sale of bonds for the purpose of financing public improvements and services. These services may include streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police protection to newly developing areas. The tax paid is used to make the payments of principal and interest on the bonds.
Mello-Roos is deductible in some cases but not in others. For more information, click on the State of California Franchise Tax Boark Link.
Many communities requiring new schools and infrastructures such as public parks and roads impose Mello-Roos. While property tax is assessed as a percentage of the value of the home, Mello-Roos is independent and could rise or lower and is not subject to Proposition 13.
4. SUPPLEMENTAL PROPERTY TAX:
The Supplemental Real Property Tax Law was signed by the Governor in July of 1983 and is part of an ambitious drive to aid California’s schools. This property tax revision is expected to produce over $300 million per year in revenue for schools.
If you don’t plan on buying new property or undertaking new construction, this new tax will not affect you at all. But, if you do wish to do either of the two, you will be required to pay a supplemental property tax which will become a lien against your property as of the date of ownership change or the date of completion of new construction. For more information about supplemental tax bills, please click here.
5. WHERE DO YOUR BASIC (1%) PROPERTY TAXES GO?
Ever wonder where that money goes and how it is distributed among the city and county? Take a look at the chart below:
Find detailed information on your parcel by visiting the Property Tax Inquiry page.
Note On ERAF: In 1992, the State of California found itself in a serious deficit position. To meet its obligations to fund education at specified levels under Proposition 98, the state enacted legislation that shifted partial financial responsibility for funding education to local government. The state did this by instructing county auditors to shift the allocation of local property tax revenues from local government to “educational revenue augmentation funds” (ERAF’s), directing that specified amounts of city, county and other local agency property taxes be deposited into these funds to support schools. For more information, please click here.
6. HOW MUCH DO MARIN PROPERTY OWNERS PAY IN BASIC (1%) PROPERTY TAXES?
7. PROPERTY TAX DUE DATES:
Due Dates for California Homeowners Property Taxes
|Property Taxes Due:||Delinquent After:|
|1st installment||November 1||December 10|
|2nd Installment||February 1||April 10|
For more information, please visit County of Marin -Treasurer/Tax Collector Important Tax Dates.
8. PROPERTY TAX ASSISTANCE FOR SENIOR CITIZENS AND BLIND/DISABLED PERSONS:
Unfortunately, the 2009/2010 state budget suspended funding for the Gonsalves-Deukmejian-Petris Senior Citizens Property Tax Assistance Law, which provides direct cash assistance. The Franchise Tax Board (FTB) will not be issuing Homeowner and Renter Assistance (HRA) Program instruction booklets and will not accept HRA claims for the 2009 claim year. For the most current information on the HRA program, go to www.ftb.ca.gov and search for HRA.
Information regarding the Property Tax Assistance Program may be obtained by contacting:
FRANCHISE TAX BOARD – PROPERTY TAX ASSISTANCE – P.O. Box 1588, Sacramento, CA 95807-1588 – Telephone (800) 852-5711
9. PROPERTY TAX POSTPONEMENT FOR SENIOR CITIZENS:
In February 2009, the State Legislature indefinitely suspended the State Controller’s Office Property Tax Postponement Program. Since that time, the Controller’s Office has been working with the Legislature to restore the program or find alternative ways to assist senior, blind and disabled homeowners with their property taxes. However, the State Controller’s Office Property Tax Postponement Program remains suspended.
On September 30, 2011, the Governor signed AB 1090 , (Chapter 369, Statutes of 2011) which allows each county, if they wish, to implement a property tax postponement program for properties located in their county. The voluntary county-run property tax postponement program is effective January 1, 2012.
Information regarding Property Tax Postponement may be obtained from the State Controller’s Website or by contacting:
STATE CONTROLLER PROPERTY TAX POSTPONEMENT – P.O. Box 953, Sacramento, CA 95804-0953 -Telephone (800) 952-5661 (Toll Free)
Are you thinking of buying or selling real estate in Marin County? Do you have questions about Real Estate? Call me with any question at 415.505.4789 or email me at Sylvie@YourPieceOfMarin.com.