| Summary |
Under current law, property taxes must be paid either in full on or
before April 30 or in 2 equal installments, the first due on or before the
last day of February and the second due on or before June 15. For
property tax payments made for property tax years commencing on or
after January 1, 2025, the bill creates a 4-installment-payment option for
taxpayers that owe real property taxes in an amount greater than $25 on
residential real property or real property that is listed by the assessor
under any improved commercial subclass codes and that do not have such
taxes paid out of an escrow account by a mortgage company (allowed
taxpayers).
Under the 4-installment-payment option, allowed taxpayers may
pay their real property taxes owed on residential real property or real
property that is listed by the assessor under any improved commercial
subclass codes in 4 equal installments, the first due on or before the last
day of February, the second due on or before April 30, the third due on or
before July 15, and the fourth due on or before September 15. An allowed
taxpayer must pay at least half of their real property taxes owed on or
before April 30 to be permitted to make installment payments pursuant to
the 4-installment-payment option in that year, however, an allowed
taxpayer can pay in full the real property taxes owed at any time after
April 30 and up to the day before the date of the sale of a tax lien on the
allowed taxpayer's property, including delinquent interest, if any. County
treasurers are required to provide information about the
4-installment-payment option with tax statements.
An allowed taxpayer that does not pay the third installment of real
property taxes owed on or before July 15 owes delinquent interest on the
unpaid third installment at a rate of 1% per month that the installment is
unpaid accruing from July 16, and if an allowed taxpayer does not pay the
fourth installment of real property taxes owed on or before September 15,
the allowed taxpayer owes delinquent interest on the unpaid fourth
installment at a rate of 1% per month that the installment is unpaid
accruing from September 16.
Current law requires the county treasurer to provide notice to
taxpayers that have unpaid property taxes that, if remaining unpaid, may
be subject to a tax lien sale by no later than September 1. Under the bill,
allowable taxpayers paying pursuant to the 4-installment-payment option
have until September 15 to make their fourth installment payment of real
property taxes. Accordingly, the bill extends the September 1 notice
deadline to October 15.
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