Property Taxes in Ventura County equate to roughly 1.025% of a home’s assessed value. Taxes are due twice a year, and may be paid by the property owner, or collected monthly by your mortgage company and paid directly by them.
When you purchase a home, escrow will calculate a proration of property taxes based on whether the current owner has paid their taxes or if they have a delinquency. Depending on the actual date of the close of escrow, there will be either a credit or a debit to your account for property taxes. This amount is prorated to the actual date of close of escrow, so that you are squared fairly with the current owner. If they already paid their taxes for the year, the current owner will receive money from you for what they paid in advance, essentially.
The amount in question here is based on the previous owner’s assessment with the county, NOT your new purchase price of the home. After your sale is reported to the assessor’s office, they will reassess your property based on the new purchase price. The new assessed value minus the previous assessed value will result in a supplemental tax bill. This tax bill should be expected in most every purchase.
After the assessor gets the new sale price, your next tax bill will be for your correct purchase price.
Property Tax Bills
Annual property tax bills are mailed in early October of each year. The bill is payable in two installments.
The 1st installment is due on November 1 and is delinquent if the payment is not received by 5:00 p.m. or postmarked by December 10. A 10% penalty is assessed for delinquent payments.
The 2nd installment is due on February 1 and is delinquent if the payment is not received by 5:00 p.m. or postmarked by April 10, a 10% penalty and $10.00 cost fee are assessed.
If December 10 or April 10 falls on a Saturday, Sunday, or a legal holiday, the delinquency date is the next business day.
Both installments can be paid at the same time.