In California, property taxes are payable in two installments during the fiscal year (July 1 - June 30). When are the two installment due dates?
Correct Answer
A) November 1 (for first installment) and February 1
In California, property taxes are due in two installments: the first installment is due November 1 (delinquent after December 10), covering the period July 1 through December 31. The second installment is due February 1 (delinquent after April 10), covering January 1 through June 30. These dates are established by the California Revenue and Taxation Code.
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Related Concepts
Intestate succession is the legal process by which a deceased person's property is distributed according to state law when they die without a valid will. State statutes determine the order of inheritance.
Marketable title is title that is free from reasonable doubt as to who the owner is and free from liens, encumbrances, or defects that would cause a reasonable buyer to hesitate before purchasing. It is also known as merchantable title.
Probate is the legal process by which a deceased person's will is validated by the court and their estate is administered, including the transfer of real property to the named beneficiaries or heirs.
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- → A buyer records a deed at the county recorder's office. What is the primary purpose of recording?
- → A buyer drives past the property and sees someone other than the seller living there and maintaining the yard. This observation should put the buyer on what type of notice?
- → In a covered purchase transaction, the borrower receives a final form showing the loan terms, cash to close, and settlement charges shortly before consummation. What form is this?
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- → On a settlement statement, an item increases the buyer's amount due at closing. How is that item characterized?
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