The annual expense, which includes the General Tax Levy, Voted Indebtedness, and Direct Assessments, that the Department of Treasurer and Tax Collector sends by mail each financial tax year to all Los Angeles County residential or commercial property owners by November 1, due in 2 installations.

Adjusted Secured Residential Or Commercial Property Tax Bill
A bill that changes the Annual Secured Residential or commercial property Tax Bill due to the following factors: a change or correction to the evaluated value of the residential or commercial property; the allowance of an exemption that was formerly omitted; the correction of a Direct Assessment put on the residential or commercial property from a municipality or unique district; or the addition of a charge for failure to comply with certain requirements of the Office of the Assessor prescribed by law (this excludes a penalty arising from a delinquent payment).

Ad Valorem
" According to the value" - Based on worth. For instance, the Office of the Assessor calculates residential or commercial property taxes based on the assessed value of a residential or commercial property.

Non-Ad Valorem
" Not according to the worth."

Assessment.
The rate or worth of a residential or commercial property for taxation purposes.

Assessor's Identification Number (AIN).
A 10-digit number (a.k.a., map book, page, and parcel) that identifies each piece of real residential or commercial property for residential or commercial property tax purposes, e.g., 1234-567-890.

California Relay Service.
A telecommunications relay service that offers complete telephone accessibility to individuals who are deaf, tough of hearing, or speech impaired.

Closing/Settlement Statement.
A file that offers the closing information on a property deal consisting of the escrow deposits for residential or commercial property taxes, commissions, loan costs, points, danger insurance coverage, and mortgage insurance. Also called HUD-1 Settlement Statement or Settlement Sheet.

Current Year.
The current financial tax year in which the Department of Treasurer and Tax Collector issues an Annual Secured Residential Or Commercial Property Tax Bill.

Current Assessed Value.
The examined value the Office of the Assessor designates to a residential or commercial property.

Current Market Price.
The estimated resale worth of a residential or commercial property.

Delinquent/Delinquency.
Each present year installation payment that is past due.

Delinquency Date.
The close of service on the last service day to make a timely installment payment, e.g., December 10 for the 1st installment payment due on November 1 and on April 10 for the second installation due on February 1, for the Annual Secured Residential Or Commercial Property Tax Bill. A payment is late if the Treasurer and Tax Collector does not get your payment by the delinquency date, or if the United States Postal Service does not postmark your payment on or before the delinquency date. If the delinquency date falls on a Saturday or Sunday, by law, the Treasurer and Tax Collector extends the delinquency date to the close of service on the next service day.

Defaulted.
The unsettled residential or commercial property taxes at the end of the fiscal tax year.

Direct Assessment.
The expenses of services or advantages (e.g., weed removal, landscape, flood control, refuse, sewage system, walkway repair work, and lighting) that the Department of Auditor-Controller contributes to the Secured Tax Roll at the request of regional demanding firms.

Electronic Check.
An electronic type of payment made through the Internet that is developed to perform the very same function as a conventional paper check.

Escape Assessment.
A taxable or an assessable prior year event that escaped the Office of the Assessor, which as a result, was not added to the corrected residential or commercial property's assessed value to the prior year Annual Secured Residential or commercial property Tax Bill.

Escrow.
A contractual arrangement in which a third party (title company or escrow company) receives and pays out cash or documents connected to the sale of a residential or commercial property.

Escrow Statement.
A declaration with the breakdown of credits, debits, and payments for the purchaser and the seller at the closing of a genuine estate deal.

Exemption.
A security or exemption on a part of residential or commercial property taxes.

Fiscal Tax Year/Tax Roll Year.
A fiscal tax year ranges from July 1 through June 30; a tax roll year refers to the fiscal tax year. For instance, Fiscal Tax Year 2023-24 runs from July 1, 2023 through June 30, 2024, and the Tax Roll Year is 2023-24.

Five-Pay Plan.
A five-year payment strategy that allows defaulted residential or commercial property taxes to be paid in 20 percent increments of the redemption amount, with interest, in addition to the present year residential or commercial property taxes each year.

Four-Pay Plan.
A four-year payment plan that allows previous year got away assessments to be paid in 20 percent increments of the gotten away residential or commercial property taxes, without penalties or interest, together with the present year residential or commercial property taxes each year.

Impound/Escrow Account.
An account a taxpayer establishes with his/her lender to pay residential or commercial property taxes.

Military Orders.
The documentation needed for military workers to look for relief of residential or commercial property tax charges.

Pay Online.
To make an electronic payment for residential or commercial property taxes by means of the Department of Treasurer and Tax Collector's website. This is not a payment through your bank's online expense payment or home banking functions.

Personal Identification Number (PIN).
An alphanumeric code essential for finishing electronic monetary deals. The PIN can be found on any original Secured Residential or commercial property Tax Bill.

Postmark.
A United States Postal Service (USPS) marking on an envelope or package that shows the date and time a mail piece was collared by the USPS. Please check out https://ttc.lacounty.gov/avoid-penalties-by-understanding-postmarks/ for samples.

Prior Year.
The residential or commercial property taxes that have defaulted or escaped during the prior fiscal tax year.

Residential Or Commercial Property Tax Postponement.
A State program provided to senior, blind, or disabled people to delay their present year residential or commercial property taxes on their principal residence if they meet certain requirements.

Public Auction.
An auction, held pursuant to the California Revenue and Taxation Code Section 3691, in which the Department of Treasurer and Tax Collector auctions and sells tax-defaulted residential or commercial properties based on the power of sale.

Reassessment.
The rate or value of a residential or commercial property when a modification in ownership or conclusion of brand-new construction takes place.

Reassessment Exclusion.
A taxpayer's demand to be left out from reassessment of the value of a residential or commercial property after satisfying certain conditions (e.g., transfer of residential or commercial property from parent/grandparent to child/grandchild or transfer of base year worth).

Secured Residential Or Commercial Property Tax Information Request form.
A kind to demand info on numerous residential or commercial properties all at once.

Service Fees.
A charge for processing all credit/debit card deals for residential or commercial property tax payments.

Substitute Secured Residential Or Commercial Property Tax Bill.
A replacement expense utilized for making residential or commercial property tax payments on lost or missing out on original bills. This expense does not consist of the Personal Identification Number or a breakdown of the General Levy, Voted Indebtedness, or Direct Assessments.

Supplemental Secured Residential Or Commercial Property Tax Bill.
An extra tax costs released as a result of the reassessment of the value of a residential or commercial property upon a modification in ownership or conclusion of brand-new building.

Supplemental Tax Estimator.
A tool to estimate the anticipated quantity of Supplemental Secured Residential Or Commercial Property Taxes on a current purchase of residential or commercial property. Please visit https://assessor.lacounty.gov/homeowners/supplemental-tax-estimator/.