How are supplemental taxes computed?
Supplemental refunds or bills are calculated based on the number of months remaining in the current fiscal year after the month in which a property transfers or after the date new construction was completed. For example, if a supplemental event raises the annual tax by $200 and there were six months left in the current fiscal year when the event occurred, the supplemental tax bill would be 50% of the $200, which is $100. Because a change in the tax due to a supplemental event becomes effective on the first day of the month following the month in which the event took place, monthly proration factors are used to calculate the taxes owed. Taxes supplemental to the current roll are computed by first multiplying the Net Supplemental Assessment by the tax rate, and then multiplying that amount by a monthly proration factor.
Supplemental refunds or bills are calculated based on the number of months remaining in the current fiscal year after the month in which a property transfers or after the date new construction was completed. In other words, if a supplemental event raises the annual tax by say $200 and there were six months left in the current fiscal year when the event occurred, the supplemental tax bill would be 50% of the $200, or $100. If a supplemental event occurs between June 1 and December 31, only one supplemental tax bill or refund check is issued. However, if a supplemental event occurs between January 1 and May 31, a second supplemental bill or refund is issued. That second bill or refund will cover the entire 12-months of the coming fiscal year beginning on July 1. That’s because the assessment roll created on the preceding January 1 Lien Date does not reflect the change in value that occurred after the Lien Date; hence, a second bill or refund must be created to account for the increase or
Supplemental bills (or refunds) are calculated based on the number of months remaining in the current fiscal year after the month in which the supplemental event occurs. A fiscal year runs from July 1 through June 30. If a supplemental event occurs between June 1 and December 31, only one supplemental tax bill or refund check is issued. This bill or refund accounts for the property’s change in value for the period between the first day of the month following the event date and the end of the current fiscal year (i.e., the following June 30). If, however, a supplemental event occurs between January 1 and May 31, two supplemental tax bills or refund checks are issued. The second bill or refund accounts for the property’s change in value for the entire 12 months of the coming fiscal year, beginning on the following July 1. The tax or refund amount resulting from a supplemental assessment becomes effective on the first day of the month following the month in which the supplemental event to
