What is a Notice of Supplemental Assessment?
A notice of supplemental assessment typically represents a change (increase or decrease) in taxable value. If the market value of property is different from the previous owner’s taxable value, the new owner will receive a NOTICE OF SUPPLEMENTAL ASSESSMENT and a supplemental tax bill or refund. If the market value of the property is higher than the previous owner’s taxable value, the new owner will receive a supplemental bill. If the market value of the property is lower than the previous owner’s taxable value, the new owner will receive a supplemental refund. It will take approximately 2-3 months to receive this refund from the Tax Collector. Usually supplemental taxes are not collected in escrow. Taxes collected in escrow are based on the previous owner’s taxable value. Notices of supplemental assessment and supplemental tax bills are mailed several months after escrow closes. Supplemental assessments are pro-rated from the date of transfer to the end of the tax year (June 30th). Chan
