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Hi it’s Matt the Mortgage Guy, Mortgage Mondays Episode 38, where I talk Supplemental Tax Bill.

Matt the Mortgage Guy here, Mortgage Mondays Episode 38, where I'm going to talk about Supplemental Tax Bills.

And it's that time of year again. It seems as though the assessor’s office here in Sacramento County is busy helping out these re-assessments and the supplemental tax bills. I got quite a few calls from clients who get the bill in the mail and as they should do, they call me and say: Hey, I've got some questions.

So, as some of you may or may not know, your regular tax bill is going to be paid through escrow, it's going to be send directly to the mortgage company. The supplemental tax bills are something that you are going to get only in that first year of ownership. And what that supplemental tax bill is, is when your property gets re-assessed due to change of ownership. You bought it, so you own it.

So, it’s going to be re-assessed, you're going to get a onetime annual bill based on that re-assessment. And it's going to vary based o how long the last owner owned it and what their assessed value was.

So, in the case with some of my clients, they buy houses in Sacramento that have had an owner for 40 years. So, the assessed value is $44000.00 and they bought it in 2015 for $330 000.00. So, there is going to be a pretty significant supplemental tax bill.

But this is a onetime tax bill, an annual bill due to change of ownership and the re-assessment of the value. So, yes, it is yours to pay, but yes, it is only one year that you have to pay it. In some circumstances, you can call the mortgage company, and this is going to depend on the mortgage company and who services it and if there is money in your escrow account. You can have the supplemental tax bill paid through your escrow account. But that is going to depend on who services your mortgage.

So, that's that.

Any further questions as always at all feel free to reach out.

Supplemental tax bills. You buy a house, you are going to get a bill that looks like that. And you’re going to pay supplemental taxes based on the re-assessed value. If somebody only owned it for five years this might be a bill that comes for a $100 because it was assessed at X when they bought it, X plus a few thousand when you bought it.

If someone has owned the property for a long time, your supplemental tax bill might be a little bit more than that.

In this episode I talk about Supplemental Taxes and what they are. Depending on when you purchase your house this supplemtal tax bill may come soon or many months later. Contact me for more info. #SupplementalTaxes #PropertyTaxes #RealEstate #Fannie #Freddie #ConventionalLoan #Local #DirectLender #SacramentoMortgage #HomePurchase #LowInterestRate #HomeLoans #PreApproval #CAHomeLoans #Mortgage #MattTheMortgageGuy

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