What is a supplemental tax bill?
State law requires the immediate reassessment of property (for tax purposes) whenever a change of ownership or completion of construction occurs. If applicable, you will receive a supplemental tax bill reflecting the change in value for the balance of the tax year. Due dates for a supplemental tax bill depends on when the bill is mailed. A decrease in value will result in a negative supplemental tax bill being issued. These negative bills or refunds do not cause a change to your current annual tax bill which must be paid timely to avoid penalty. Supplemental Tax Bills do not replace the regular tax bill. Supplemental Tax Bills are not mailed to your mortgage company. Supplemental Tax Bills are not paid by funds in your impound account. If you receive a Supplemental Tax Bill and have any questions about payment responsibility, please contact your mortgage company.
A supplemental tax bill is a one-time tax bill determined by an event. The only two events that will generate a supplemental tax bill are a change in ownership of the property or completion of construction on the property. The amount of the supplemental tax bill is determined by taking the difference of the assessed value on your property at the time of the event and the new assessed value of the event as determined by the Assessor.
A supplemental assessment is an adjustment in real property valuation resulting from upward changes in assessed value due to changes in ownership or completion of new construction. A supplemental tax bill retroactively taxes the supplemental assessment of property on a pro-rated basis as a result of the assessor’s reappraisal of property at its full cash value on the date that a change in ownership occurs or new construction is completed. DO NOT ASSUME THAT YOUR MORTAGAGE COMPANY WILL PAY THIS BILL. MANY LENDERS DO NOT IMPOUND FOR SUPPLEMENTAL TAXES. CONTACT YOUR LENDER. The REGULAR tax bill on this property is still due and payable by the traditional December 10th and April 10th dates to avoid penalties. The SUPPLEMENTAL tax bill is IN ADDITION to the regular property tax bill and any other property taxes due on the property. Supplemental tax bills are identified as either secured or unsecured. Those identified as secured are liens on real property, those identified as unsecured are b
State Law requires the Assessor to reappraise property upon a change of ownership or new construction. The supplemental assessment reflects the difference between the new assessed value and the old or prior assessed value. If the property is reassessed at a higher value than the old assessed value, a supplemental bill will be issued. If the property is reassessed as a lower value than the old assessed value, a refund will be issued. Changes in ownership or new construction occurring from July 1 to Dec. 31 will generate one bill covering a single fiscal year. The taxes are based on the number of months left in the fiscal year from the date of ownership change or new construction completion date. If change of ownership or new construction occurs between January 1 and June 30, two supplemental tax bills would be issued to cover changes for two fiscal years. The first bill would be from the date of the transaction for the remainder of the fiscal year; the second bill would be for the next
Related Questions
- I bought a house in the last year and just got my property tax bill, but I also received two supplemental tax bills. Whats going on?
- Mooresville Graded Schools receive a special supplemental tax paid by Mooresville residents, so how come they need even more money?
- When are supplemental tax bills mailed?
