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Cole Trickle
12-19-2006, 09:14 AM
Question for the tax experts.....
I sold my condo in OC and bought a house in Corona this past may. I received my first property tax bill and maid the first payment prior to December 10th.
Last night I recieved a supplemental bill and almost passed out:(
I was expecting a little something but what I got makes no sence.(I tried calling the Riverside tax bureau 3 times this morning but they are busy and I am supposed to call back)
Here is some info...
I paid 540K for the home
The Tax limit for my area is 1%
There is a 20yr mello roos of about $995.00 a year and some misc. BS that totals about $250.00
The first bill I received totaled right at $3300.00 and the supplemental totals right at $4150.00 (Total of $7450)
I might be retarded and have no idea how this works but why am I being charged for $7450?
540K X 1% = $5400
Mics. fees and mella roos = $1245
total = approx $6645 for a year.
So my question is why am I being charged $7450.00 when I only lived there for 8 months?:idea: :eek:
Thoughts, comments ,opinions?

wsuwrhr
12-19-2006, 09:16 AM
I am not the expert, but the supplimental bill covers the tax of what the NEW value of the home is. The taxes you paid were for what the home was valued when it sold the last time.
Brian

phebus
12-19-2006, 09:18 AM
Also, doesn't the supplemental bill have the luxury tax for boat, Rhino, etc?

wsuwrhr
12-19-2006, 09:21 AM
The home you bought probably originally sold for 275K or so.
Question for the tax experts.....
I sold my condo in OC and bought a house in Corona this past may. I received my first property tax bill and maid the first payment prior to December 10th.
Last night I recieved a supplemental bill and almost passed out:(
I was expecting a little something but what I got makes no sence.(I tried calling the Riverside tax bureau 3 times this morning but they are busy and I am supposed to call back)
Here is some info...
I paid 540K for the home
The Tax limit for my area is 1%
There is a 20yr mello roos of about $995.00 a year and some misc. BS that totals about $250.00
The first bill I received totaled right at $3300.00 and the supplemental totals right at $4150.00 (Total of $7450)
I might be retarded and have no idea how this works but why am I being charged for $7450?
540K X 1% = $5400
Mics. fees and mella roos = $1245
total = approx $6645 for a year.
So my question is why am I being charged $7450.00 when I only lived there for 8 months?:idea: :eek:
Thoughts, comments ,opinions?

shippingguy
12-19-2006, 09:23 AM
The supplemental is for change of ownership from the builder to you. The builder had a lesser value on it while being constructed. Then you came in and bought it at a higher amount. The supplemental is the difference between the value the builder had it at and what you paid with all upgrades etc. If that makes any sense. This is only a one time deal you will not see it again. I got mine as well for my new house here in Murrieta.

EmpirE231
12-19-2006, 09:26 AM
SHIT!! I'm in the same boat.... but haven't recieved my supplemental bill yet... hope they forgot about me :D
but my real estate agent said it can be anywhere from a G to a couple G's??:eek: lemme know if you find out how it works! frickin bastards!

EmpirE231
12-19-2006, 09:27 AM
The supplemental is for change of ownership from the builder to you. The builder had a leser value on it while being constructed. Then you came in and bought it at a higher amount. The supplemental is the difference between the value the builder had it at and what yo upaid wiht all upgrades etc. If that makes any sense. This is only a one time deal you will not see it again. I got mine as well for my new house here in Murrieta.
I didn't buy my house new... but was told I'd still recieve one of those??:confused:

photo chick
12-19-2006, 09:28 AM
The original taxed value is based on what the builder's value was with just the home & land. Since you said it was a new home.... Now you are being taxed the additional amount of increase in value & any other improvements since the home was completed...
Builders fail to tell the buyers they will be getting a scary supplemental bill within a year of moving in....
I'm not an expert either but this is what happened to me...

wsuwrhr
12-19-2006, 09:29 AM
I didn't buy my house new... but was told I'd still recieve one of those??:confused:
Yes
I believe mine was $1500
Granted though, I am not a baller

shippingguy
12-19-2006, 09:30 AM
I didn't buy my house new... but was told I'd still recieve one of those??:confused:
Yeah it is whenever there is change of ownership. Your bill should not be as bad because it was not NEW CONSTRUCTION. I am not an expert on this, but this is my second new house in the last three years so I have paid a couple of these bills and spent some time at the County Assessors Office:mad:

Cole Trickle
12-19-2006, 09:33 AM
The home was origianlly purchased in 95 for around $160K and I purchased the home from the original owners. (I am pretty sure they have refinnanced the home a time or two)
So I am paying a tax based on what the home was morth then and what it is worth now?
I am guessing this is standard?
Why would I have to pay a tax on the difference?(I know this is a stupid question)

shippingguy
12-19-2006, 09:37 AM
The home was origianlly purchased in 95 for around $160K and I purchased the home from the original owners. (I am pretty sure they have refinnanced the home a time or two)
So I am paying a tax based on what the home was morth then and what it is worth now?
I am guessing this is standard?
Why would I have to pay a tax on the difference?(I know this is a stupid question)
The property was reassesed when sold. I am not an expert. The Assessors office is in Temecula and is not crowded at all and they are actually very helpful. If you have time and questions I would stop by there and ask.

Cole Trickle
12-19-2006, 09:41 AM
The property was reassesed when sold. I am not an expert. The Assessors office is in Temecula and is not crowded at all and they are actually very helpful. If you have time and questions I would stop by there and ask.
I am sure it is correct.
I am just getting a huge bill because the home appreciated 300K+
It might be less painfull if the tax collector mailed you a tube of vasoline with the bill;):eek:

al cole'holic
12-19-2006, 09:42 AM
The home was origianlly purchased in 95 for around $160K and I purchased the home from the original owners. (I am pretty sure they have refinnanced the home a time or two)
So I am paying a tax based on what the home was morth then and what it is worth now?
I am guessing this is standard?
Why would I have to pay a tax on the difference?(I know this is a stupid question)
..pretty much the first tax bill you paid was based on their tax assessed value, whatever it was it was not based on the new value of $540k that you paid..the supplement is the difference that you owe, and your next years bills will be on $540k...well it does suck I guess, try getting 4 tax bills due!!! :(

shippingguy
12-19-2006, 09:43 AM
I am sure it is correct.
I am just getting a huge bill because the home appreciated 300K+
It might be less painfull if the tax collector mailed you a tube of vasoline with the bill;):eek:
Yeah that would help a bit!!:D

voodoomedman
12-19-2006, 09:43 AM
Cole Trickle- Does your mortgage payment include your taxes and insurance payments?
Usually if you call them and send them the supplemental bill they will pay it for you if you have an impound account because that is what it's for. They otherwise will only pay your regular bill. Of course if it makes your impound account go into a negative number then your payment will be raised next year.
Anyhow it doesn't matter whether the house is new from a builder or you are not the first owner. A supplemental bill is sent out when you buy a house for more than what the current assessed value is. They take the difference in selling price and assessed value then prorate it according to what time of the tax year you bought and then tax that amount at the going rate. You then get to pay that amount. It only happens once. You are protected from getting it again when you refi no matter how much extra you may take out because you are the same owner.

Jyruiz
12-19-2006, 09:45 AM
That sucks, this is the worse time of the year to be getting surprised with extra bills too.

Cole Trickle
12-19-2006, 09:49 AM
Thanks for the info!!!
It's gonna be more than a little tough around the house for a couple months.:)
Christmas is deffinatley gonna be on the light side.(I already spent more on my back yard than I should have and this extra 4K really hurts)
Time to off some toys.

Cole Trickle
12-19-2006, 09:52 AM
Cole Trickle- Does your mortgage payment include your taxes and insurance payments?
Usually if you call them and send them the supplemental bill they will pay it for you if you have an impound account because that is what it's for. They otherwise will only pay your regular bill. Of course if it makes your impound account go into a negative number then your payment will be raised next year.
Anyhow it doesn't matter whether the house is new from a builder or you are not the first owner. A supplemental bill is sent out when you buy a house for more than what the current assessed value is. They take the difference in selling price and assessed value then prorate it according to what time of the tax year you bought and then tax that amount at the going rate. You then get to pay that amount. It only happens once. You are protected from getting it again when you refi no matter how much extra you may take out because you are the same owner.
no impounds.
The extra 5-600 a month hurts. (I typically have more than enough for the first payment and then use my tax refund for the second payment)
<------ Not a baller:) :)

voodoomedman
12-19-2006, 09:55 AM
no impounds.
The extra 5-600 a month hurts. (I typically have more than enough for the first payment and then use my tax refund for the second payment)
<------ Not a baller:) :)
Yeah I hear you. I opted to keep my 6 g's a year and make some money off of it until I have to pay the piper. It wasn't fun writing any of the checks but it sucked more getting the regular bill a couple of weeks after the supplemental.

Cole Trickle
12-19-2006, 10:03 AM
Yeah I hear you. I opted to keep my 6 g's a year and make some money off of it until I have to pay the piper. It wasn't fun writing any of the checks but it sucked more getting the regular bill a couple of weeks after the supplemental.
yep...I have a decent savings account making 5% but I hate to pull from that to pay taxes. I wanted to use that as a downpayment on a future investment property.
I get a little wierd when my account gets below a certain limit. Next year will be better because the house won't need as much work/new stuff that nickel and dimes you to death.:)

MrsSigEpMock
12-19-2006, 11:10 AM
Also, doesn't the supplemental bill have the luxury tax for boat, Rhino, etc?
Oh, That's another story!!! Personal Property tax is totally seperate from real property or "secured" as CA likes to call it.

MrsSigEpMock
12-19-2006, 11:12 AM
yep...I have a decent savings account making 5% but I hate to pull from that to pay taxes. I wanted to use that as a downpayment on a future investment property.
I get a little wierd when my account gets below a certain limit. :)
"<------ Not a baller"
Brandin's a closet Baller!!! 1st gay remark! yeah, 1 for me!
:rolleyes: :eek: :D :D

Cole Trickle
12-19-2006, 11:19 AM
Brandin's a closet Baller!!! 1st gay remark! yeah, 1 for me!
:rolleyes: :eek: :D :D
Nothing better than a girl that can make herself laugh:D:)

djunkie
12-19-2006, 11:20 AM
It might be less painfull if the tax collector mailed you a tube of vasoline with the bill;):eek:
They probably knew you had a lifes supply of Vasoline stashed in your garage. :D

Cole Trickle
12-19-2006, 11:22 AM
A supplamental tax bill can also be for things like new schools etc..
I bought my current house almost two years ago. I pay 1% property tax like everyone else in CA and an additional 1% in supplamental tax to pay for the 3 new schools they built. I about passed out the first time I got my extra bill.
Its all good now, the tax man sent the entire amount to my mortgage co as one bill and its impounded. It will also look good on my tax returns.
Forensic
I payed 1.5% in South OC and it hurt.
The tax amount was a big part of where I bought.(Other than that $995.00 yearly tax it's straight up 1%)
Some of the new houses in Norco had some high tax rates!!!:eek: :mad: :jawdrop:

Cole Trickle
12-19-2006, 11:23 AM
They probably knew you had a lifes supply of Vasoline stashed in your garage. :D
I don't blame you;)
That was pretty good and I would have made the same comment if you posted that:D:eek:

MrsSigEpMock
12-19-2006, 11:27 AM
Nothing better than a girl that can make herself laugh:D:)
:eek: :eek: Hey now, I'm gonna shock your a$$ for that one on new years.:argue: :p

djunkie
12-19-2006, 11:30 AM
:eek: :eek: Hey now, I'm gonna shocker your a$$ for that one on new years.:argue: :p
:jawdrop: :jawdrop: :jawdrop: :jawdrop: :D

MR HARLEY
12-19-2006, 11:32 AM
Dont feel bad, my first year in my new home I payed 2 supplementals. This Dec. 10th was my first bill finally without a supplemental. Bastards still got $4200 out of me for it without supplemental. :mad:

Cole Trickle
12-19-2006, 11:35 AM
:eek: :eek: Hey now, I'm gonna shock your a$$ for that one on new years.:argue: :p
I need to refi my house so I can buy a set!!!
If I can shoot you a couple times it will be worth paying the points;):D

djunkie
12-19-2006, 11:37 AM
I need to refi my house so I can buy a set!!!
If I can shoot you a couple times it will be worth paying the points;):D
I still can't believe you guys are buying those things. :rolleyes: :D :D

Nord
12-19-2006, 11:38 AM
CT,
I pay about 4200 a year for my property tax and I live about 6 minutes away from you. That is right for the price you paid for your house!

Cole Trickle
12-19-2006, 11:39 AM
I still can't believe you guys are buying those things. :rolleyes: :D :D
Real men would play with 2 guns and wear one of the vests like undrooze.:D :D

Cole Trickle
12-19-2006, 11:41 AM
CT,
I pay about 4200 a year for my property tax and I live about 6 minutes away from you. That is right for the price you paid for your house!
I think you live in a higher tax area? (What did you pay for your house?)
Mine will be right at 6600 next year.

Angry Inch
12-19-2006, 11:46 AM
I think you live in a higher tax area? (What did you pay for your house?)
Mine will be right at 6600 next year.
I would expect to pay the ~$7400 next year, if not more. The county can raise the value of your house by a certain %, capped by prop 13.

djunkie
12-19-2006, 11:47 AM
All this property tax bull shit has got me thinking. Living at home aint so bad afterall. :rolleyes: :D :D :D

Cole Trickle
12-19-2006, 11:51 AM
I would expect to pay the ~$7400 next year, if not more. The county can raise the value of your house by a certain %, capped by prop 13.
I have been paying PT for more than a couple years and it has never gone up that much.
I enderstand inflation guard but I will bet you a bottle of goose it's less than $7400.00 next year:D:jawdrop:
It's a win win if we share the bottle;):D
Hows things?

Cole Trickle
12-19-2006, 11:53 AM
All this property tax bull shit has got me thinking. Living at home aint so bad afterall. :rolleyes: :D :D :D
I am thinking about selling my place and renting a room at my moms house;):D
Not!!! only fags over 25 years old do that shit!!:devil: :idea: :D

Angry Inch
12-19-2006, 11:59 AM
I have been paying PT for more than a couple years and it has never gone up that much.
I enderstand inflation guard but I will bet you a bottle of goose it's less than $7400.00 next year:D:jawdrop:
It's a win win if we share the bottle;):D
Hows things?
Yeah, they don't go up that much each year, because of prop 13; but, I believe (and could be wrong) the supplemental bill is just the county correcting things. I think most people see a supplemental bill their first year in a new place.
Are you sure your taxes aren't in the 1.1 - 1.4 range? I have no idea how mellow-roos works into your tax bill....

Angry Inch
12-19-2006, 12:01 PM
Things is good. UCI in Jan. Working my ass off. Bathroom remodel. Mods for the whip. Slaying hoes. hahaha You know how we do! :D
BTW. I think we should just drink the bottle and forget the bet! :)

Cole Trickle
12-19-2006, 12:04 PM
Yeah, they don't go up that much each year, because of prop 13; but, I believe (and could be wrong) the supplemental bill is just the county correcting things. I think most people see a supplemental bill their first year in a new place.
Are you sure your taxes aren't in the 1.1 - 1.4 range? I have no idea how mellow-roos works into your tax bill....
My place was built in 95 so it's not as high as most of teh new stuff out this way.
The bill says 1%tax limit per prop 13 (I think it's actually 1.03%)
Then it has some city of corona,unified school,community college,water fees that come in around $250.00 total.
Corona CFD 90-1 series a -$995 (My neighbors have said thay have always paid the same amount..some new some original so I think that is a flat tax)

Dave C
12-19-2006, 12:07 PM
You should be paying 1.__% (insert your % here) of the "assessed value".
The assessed value is the FMV of the home on the day you bought it (unless you buy it from your parents), which is the amount you paid. The assessed value should be increased approximately 3% each year.
The percentage paid varies from county to county but the percentage you pay should be on your bill somewhere. (probably between 1.1-1.2%)
The first bill is what the old owners were paying and the supplement is the counties way of catching up with the new sale.
Your bill should be reduced by any amount that was paid recently paid from escrow (if any)
good luck and yes the bill should have come with a tube of vasoline....

Angry Inch
12-19-2006, 12:09 PM
My place was built in 95 so it's not as high as most of teh new stuff out this way.
The bill says 1%tax limit per prop 13 (I think it's actually 1.03%)
Then it has some city of corona,unified school,community college,water fees that come in around $250.00 total.
Corona CFD 90-1 series a -$995 (My neighbors have said thay have always paid the same amount..some new some original so I think that is a flat tax)
I'd talk to the tax collector for sure. Your realitor might have some insight...Sux anyway you look at it.

Angry Inch
12-19-2006, 12:13 PM
You should be paying 1.__% (insert your % here) of the "assessed value".
The assessed value is the FMV of the home on the day you bought it (unless you buy it from your parents), which is the amount you paid. The assessed value should be increased approximately 3% each year.
The percentage paid varies from county to county but the percentage you pay should be on your bill somewhere. (probably between 1.1-1.2%)
The first bill is what the old owners were paying and the supplement is the counties way of catching up with the new sale.
Your bill should be reduced by any amount that was paid recently paid from escrow (if any)
good luck and yes the bill should have come with a tube of vasoline....
Yeah B, I'm guessing it's 1.3% not 1.03%; and, they increaed the value of your home.

OCMerrill
12-19-2006, 12:14 PM
It's a one time bill. Besides your yearly property tax bill you won't see another supplemental bill. Each county is different and it does depend on your roll value when you bought the house compared to the tax value paid by the owners you bought it from.
They suck and are a shock. NOBODY involved in the sale tells a buyer they are going to get one. In some cases it could be a deal killer. Especially in the 80/20 purchases (no down) because the buyer has no cash. My sister and her husband are in this mess right now. They cannot pay it.
Kind of like a boat dealer discussing boat insurance before the down payment is thrown. Just not done:)

Nord
12-19-2006, 12:17 PM
I think you live in a higher tax area? (What did you pay for your house?)
Mine will be right at 6600 next year.
309,900, but that was 5 years ago :)
I think I got re-asessed(sp?) when I refied to buy muy truck???

Angry Inch
12-19-2006, 12:18 PM
309,900, but that was 5 years ago :)
I think I got re-asessed(sp?) when I refied to buy muy truck???
Checkers never left, Nord. :)

Cole Trickle
12-19-2006, 12:19 PM
It's a one time bill. Besides your yearly property tax bill you won't see another supplemental bill. Each county is different and it does depend on your roll value when you bought the house compared to the tax value paid by the owners you bought it from.
They suck and are a shock. NOBODY involved in the sale tells a buyer they are going to get one. In some cases it could be a deal killer. Especially in the 80/20 purchases (no down) because the buyer has no cash. My sister and her husband are in this mess right now. They cannot pay it.
Kind of like a boat dealer discussing boat insurance before the down payment is thrown. Just not done:)
So I am getting hit with such a big one time bill because of the diference in value.....correct?(200-540K)
So next year should just be normal taxes for the area and the 540K value?

wsuwrhr
12-19-2006, 12:21 PM
Exactamundo
So I am getting hit with such a big one time bill because of the diference in value.....correct?(200-540K)
So next year should just be normal taxes for the area and the 540K value?

OCMerrill
12-19-2006, 12:25 PM
So I am getting hit with such a big one time bill because of the diference in value.....correct?(200-540K)
So next year should just be normal taxes for the area and the 540K value?
Wsuwrhr beat me to it but....Yep.
Based on your percentage rate of the $540 plus Mr Mellow and Mr. Roos bull crap if any.
My Sister and her Husband bought in Corona about 9 months ago on a house originally purchased for $178K and paid $610 100% down and even borrowed closing costs. They are not happy and basically said we are not participating in xmas. They are not even coming over for food. They are sick about it. To top it off my Step mom sold them the house and failed to mention it to them.
Oh and one other thing...don't tell your house your done with the nickle and dime thing. If it hears that you will get a slab leak....so quiet.
With parents like mine it makes buying your worst enemy a beer much easier.

Cole Trickle
12-19-2006, 12:57 PM
Wsuwrhr beat me to it but....Yep.
Based on your percentage rate of the $540 plus Mr Mellow and Mr. Roos bull crap if any.
My Sister and her Husband bought in Corona about 9 months ago on a house originally purchased for $178K and paid $610 100% down and even borrowed closing costs. They are not happy and basically said we are not participating in xmas. They are not even coming over for food. They are sick about it. To top it off my Step mom sold them the house and failed to mention it to them.
Oh and one other thing...don't tell your house your done with the nickle and dime thing. If it hears that you will get a slab leak....so quiet.
With parents like mine it makes buying your worst enemy a beer much easier.
Thanks for the info.
I hope it works out for your sister. :(
I couldn't imagine getting a bill like that and not having $$ in the bank. sadly I have the money I just don't want to spend it during the holidays.

Mrs. Bordsmnj
12-19-2006, 01:03 PM
I thought I would make you feel better and let you know our house is valued around $560k and we pay a whopping $600/year in property taxes!! :D Neener-Neener. :)

Cole Trickle
12-19-2006, 01:06 PM
I thought I would make you feel better and let you know our house is valued around $560k and we pay a whopping $600/year in property taxes!! :D Neener-Neener. :)
Either your parents gave it to you or you bought it when you were 8 years old back in the 70's;):D
If you really wanted to make me cry you could tell me what your mortgage payment is:devil: :jawdrop: :D

Mrs. Bordsmnj
12-19-2006, 01:09 PM
LOL! We bought the house from Jason's dad. No tax re-assessment. Jason's grand-dad bought the house new for $13k. I think it was last assessed sometime in the 70's.

boatnam2
12-19-2006, 01:14 PM
I thought I would make you feel better and let you know our house is valued around $560k and we pay a whopping $600/year in property taxes!! :D Neener-Neener. :)
ours was 6600 jumped to over 12k a year...nice little christmas present.

Mrs. Bordsmnj
12-19-2006, 01:16 PM
ours was 6600 jumped to over 12k a year...nice little christmas present.
That sucks hairy balls Jim! Although your new house is pretty much baller status!
:D

Cole Trickle
12-19-2006, 01:21 PM
LOL! We bought the house from Jason's dad. No tax re-assessment. Jason's grand-dad bought the house new for $13k. I think it was last assessed sometime in the 70's.
Next time I see you your buying drinks!!!!:D:D:D

Cole Trickle
12-19-2006, 01:22 PM
ours was 6600 jumped to over 12k a year...nice little christmas present.
Wow...:eek: :(
The same house jumped from 6K to 12K in one year?
why????

Mrs. Bordsmnj
12-19-2006, 01:22 PM
Next time I see you your buying drinks!!!!:D:D:D
;) ;) ;)

Cole Trickle
12-19-2006, 01:24 PM
;) ;) ;)
:crossx: :crossx: :crossx:

wsuwrhr
12-19-2006, 01:25 PM
Your next frame will be spelt correctly and it's value properly assessed.:) :)
Brian
LOL! We bought the house from Jason's dad. No tax re-assessment. Jason's grand-dad bought the house new for $13k. I think it was last assessed sometime in the 70's.

Mrs. Bordsmnj
12-19-2006, 01:27 PM
Your next frame will be spelt correctly and it's value properly assessed.:) :)
Brian
LOL!!!
You are awesome, Brain!!!! :D

wsuwrhr
12-19-2006, 01:28 PM
You guys are the bestest Mrs BordsMJ!!!
Brian
LOL!!!
You are awesome, Brain!!!! :D

boatnam2
12-19-2006, 01:28 PM
Wow...:eek: :(
The same house jumped from 6K to 12K in one year?
why????
yea it was weird i figured it to be around 11k but the first year and half it was only 6600.... so i figured i made a mistake but seems to be i was right.

Cole Trickle
12-19-2006, 01:32 PM
yea it was weird i figured it to be around 11k but the first year and half it was only 6600.... so i figured i made a mistake but seems to be i was right.
Atleast they fawked up in a good way for the first year and a half!!!:D :)
I don't care who/what you are...... getting a 7-12K bill in the mail sucks!!!:sqeyes:

boatnam2
12-19-2006, 01:33 PM
Atleast they fawked up in a good way for the first year and a half!!!:D :)
I don't care who/what you are...... getting a 7-12K bill in the mail sucks!!!:sqeyes:
yea it does!