PROPERTY TAX PAYMENT INFORMATION

If you have an escrow transaction, the following information may be important for you.

1.        You should contact your escrow officer or title company to find out if the property taxes are open or paid.  If there are any steps that are required to take they will be able to guide you.

2.       If a current payment (Tax Installment) was not paid then, it MUST NOT be paid directly.  Instead, you should prepare a cashier’s check or a money order for the payment amount and payable to the stated county tax collector.  This payment should be forwarded to the escrow company at least three (3) business days before delinquency.  This will allow escrow to verify the tax payment and prevent delays of up to six (6) weeks and possible double payments.

3.       Any installment of a new tax bill can be paid from the proceeds of a sale at the close of escrow.  However, there will be at least a 10% penalty if escrow closing is after the delinquency date.

4.       If either or both payments cannot be verified but seller  claims they were paid, seller will have to provide cancelled checks to prove these payments.

5.       If the lender has an impound account, taxes will be paid from the account prior to the delinquency date;.  Note that if the loan is paid prior to the tax due date, the lender may apply the tax money they are holding to the payoff amount and not to pay the taxes.

TAX CALENDAR
1st Installment (Jul 1 to Dec 31)		2nd Installment (Jan 1 to Jun 30)
			Fiscal Year
	July 1: One or both installments deliquent ADD 10% penalty.		Jul	July 1: Beginning of fiscal year to July 1 of following year. July 1: Properties with deliquent taxes sold to State.
			Aug	August (late): Sales numbers assigned for deliquent taxes.
			Sep	September (last week): Tax bills mailed.
			Oct
			Nov	November 1: First installment due.
	December 10 to April 10: First installment deliquent ADD 10% penalty.		Dec	December 10: First installment deliquent.
			Jan	January 1: Lien Date/tax assessment.
			Feb	February 1: 2nd installment due.
			Mar	March 1: Owners to be informed of new values. March 1: Taxes on unsecured roll due.
	April 10 to June 30: One or both installments deliquent ADD 10% penalty + $10.00 cost.		Apr	April 10: 2nd installment deliquent. April 15: Last day to file homeowners, veterans, and senior citizens exemptions.
			May
			Jun

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Legends Escrow Services, Inc.
San Diego's Premier Escrow Company

We are an Independent Escrow Agency Licensed by the State of California Department of Corporations
Corporate Office (Mission Valley) - License No. 963-2388
Branch Office (Rancho Bernardo) - License No. 863-1565