Additional Assessment- An additional assessment tax bill is for new construction, change in ownership, or property discovered that should have been assessed but was not assessed for the current tax year and is due in addition to the current annual tax bill.
Ad Valorem Property Tax - A tax imposed on the basis of value.
Assessed Value - The taxable value of a property against which the tax rate is applied.
Base Year Value - For real property assessed under Proposition 13, its fair market value as of either the 1975 lien date or the date the property was purchased, newly constructed, or underwent a change in ownership after the 1975 lien date.
Change in Ownership - A transfer of interest in real property, including the beneficial use of it, the value of which is substantially equal to that of the full estate in the property.
Corrected Assessment - A corrected assessment tax bill replaces an existing tax bill that was previously sent to you. A corrected tax bill will replace only one previously issued tax bill and not multiple bills.
Escaped Assessment - An escaped assessment tax bill is for new construction, change in ownership, or property discovered that should have been assessed but was not assessed for a previous year.
Fair Market Value or Full Cash Value - The amount of cash or its equivalent that property would bring if put up for sale in the open market under certain conditions:
1) Neither buyer nor seller could take advantage of the needs of the other;
2) Both buyer and seller must have knowledge of all of the uses and purposes to which the property is adapted and for which it can be used; or
3) Both buyer and seller must be aware of any enforceable restrictions on the property's uses and purposes.
Full Value - Full value means fair market value, full cash value, or such other value standard as prescribed by the California Constitution or in the Revenue and Taxation Code under the authorization of the Constitution.
Improvements - The value of any buildings or structures existing on land, whether new or old. Improvements may also include certain commercial and industrial fixtures.
Lien Date - 12:01 a.m. on January 1 preceding the fiscal year for which taxes are collected, the time when the taxes become a lien on property, and the time as of which property is valued for tax purposes.
New Construction - Any addition to real property, whether land or improvements (including fixtures) since the last lien date; or any alteration of land or improvements (including fixtures) since the last lien date that constitutes a major rehabilitation or that converts the property to a different use.
Personal Property - Any property that you own other than real estate. Includes airplanes, boats, and business property such as supplies, office furnishings, machinery or equipment.
Possessory Interest - The taxable, private, beneficial use and enjoyment of nontaxable, publicly owned real property, as defined in Section 104 of the Revenue and Taxation Code and in taxable publicly owned real property subject to the provisions of Sections 3(a), (b) and 11 of Article XIII of the California Constitution.
Real Property - Real estate or real property includes:
1) The possession of, claim to, ownership of, or right to the possession of land;
2) All mines, minerals, and quarries in the land, all standing timber whether or not belonging to the owner of the land, and all rights and privileges appertaining thereto;
3) Improvements.
Roll - A listing of all assessable property within the county. It identifies the property, the owner (if known), and the assessed value of the property.
Regular Assessment Roll (Section 601 Roll) - The Regular Assessment Roll has two parts:
1) The "Board Roll," which lists all property that the State Board of Equalization is required to assess. This roll is prepared by the Board and delivered to the county auditor.
2) The "Local Roll," which lists all property assessed by the county, and is divided into at least two parts:
(a) The "Secured Assessment Roll," which contains state-assessed property and locally assessed property. The taxes on the property are adequately secured by a lien on the real property; and
(b) The "Unsecured Assessment Roll," which contains property that is not secured to real property or is not a lien against real property. It consists largely of business personal property owned by tenants.
Supplemental Assessment Roll - The "Supplemental Assessment Roll" contains a listing of all property that has undergone a change in ownership or experienced new construction.
Secured Tax Rate (Ad Valorem) - The rate of assessed value, expressed as a percentage, at which property on the secured roll is taxed at a rate equal to one percent (1%) of the full cash value. In addition, the rate will include an amount equal to the amount needed to make payments for the interest and principal on general obligation bonds or other indebtedness approved by the voters. The tax rate is per every one-hundred dollars of the assessed value.
Supplemental Assessment - A property tax levy made in accordance with Chapter 3.5 of Part 0.5 of Division 1 of the Revenue and Taxation Code. Supplemental assessments are levied whenever a property, or a portion thereof, changes ownership or experiences new construction. The amount of each supplemental assessment is the difference between the property's new base year value-determined as of the date of change in ownership or completion of new construction-and the existing taxable value.
Taxable Value - For real property subject to Article XIII A, the base year full value adjusted for inflation for any given lien date as required by law, or the full cash value for the same lien date, whichever is less.
Unsecured Tax Rate - Previous year's secured property tax rate.
