Escrow Statement A statement with the breakdown of credits, debits, and payments for the buyer and the seller at the closing of a real estate transaction.
Five-Pay Plan A five-year payment plan that allows defaulted property taxes to be paid in 20 percent increments of the redemption amount, with interest, along with the current year property taxes annually. Four-Pay Plan A four-year payment plan that allows prior year escaped assessments to be paid in 20 percent increments of the escaped property taxes, without penalties or interest, along with the current year property taxes annually.
Military Orders The documentation required for military personnel to apply for relief of property tax penalties. Prior Year The property taxes that have defaulted or escaped during the prior fiscal tax year. Property Tax Postponement A State program offered to senior, blind, or disabled citizens to defer their current year property taxes on their principal residence if they meet certain criteria.
Public Auction An auction, held pursuant to the California Revenue and Taxation Code Section , in which the Department of Treasurer and Tax Collector auctions and sells tax-defaulted properties in its possession. Reassessment The rate or value of a property when a change in ownership or completion of new construction occurs. Secured Property Tax Information Request form A form to request information on multiple properties all at once. Substitute Secured Property Tax Bill A replacement bill used for making property tax payments on lost or missing original bills.
Supplemental Secured Property Tax Bill An additional property tax bill issued as a result of the reassessment of the value of a property upon a change in ownership or completion of new construction. Supplemental Tax Estimator A tool to estimate the expected amount of Supplemental Secured Property Taxes on a recent purchase of property. Taxable Event An event that requires the Office of the Assessor to assess or reassess the value of a property e.
Taxing agency A local agency within a specific tax rate area e. TDD Equipment A telecommunication device such as a teleprinter that is designed for people who have hearing or speech difficulties. Beneficiary A person designated by the decedent who inherits under a Will. Custodian of the Will The individual who has the physical possession of the Will when the individual who wrote the Will dies. Interested parties Persons who have requested notice for Court proceedings for an estate administration.
Next—of—kin Family members, who are in the closest relationship to the decedent. Personal property Items owned by the decedent at time of death, such as cash, stocks, jewelry, clothing, furniture, or cars. Personal representative Individual s responsible for overseeing the distribution of the estate.
The individual s may also be called the Administrator s. Real property Buildings and land, including the residence owned by the decedent at the time of death. You are now leaving the County of Los Angeles Treasurer and Tax Collector website and linking to a website that may contain commercial advertising.
The dates listed identify the last day to timely file your renewal. Timely filing of renewals is important to avoid late penalties and fees and ensure all tax credits and incentives are received. As a business operating within the City of Los Angeles, you may have to pay applicable taxes. All businesses are required to file an annual tax renewal regardless of whether or not your business generated revenue for that tax year.
If you have a Seller's Permit and are closing or selling your business, be sure to close out your account with the California Board of Equalization BOE. This is applicable to businesses that sell goods or products that require a sales tax. You will need to complete a Notice of Close Out form and file your final return.
State Requirements - State Taxes. To indicate that you will no longer be paying state taxes for your business after the current tax year, check the "Final Return" box on your current year tax return, and write "final" across the top. Make sure that you won't be conducting business in California after the tax year and keep your records on file as all tax returns are subject to audit until the statute of limitation expires. The Office of Finance administers the City's tax laws; issues tax registration certificates and permits, and collects City taxes and fees.
Most of the funds go into the City's General Fund to support essential services such as those provided by the Police and Fire Departments.
The Office of Finance is also an information resource for businesses and individuals relative to the City's tax and fee collection program.
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