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

Adjusted Secured Residential Or Commercial Property Tax Bill
An expense that replaces the Annual Secured Residential or commercial property Tax Bill due to the following factors: a modification or correction to the assessed worth of the residential or commercial property; the allowance of an exemption that was previously left out; the correction of a Direct Assessment put on the residential or commercial property from a municipality or special district; or the inclusion of a charge for failure to abide by particular requirements of the Office of the Assessor recommended by law (this leaves out a penalty arising from a delinquent payment).

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

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

Assessment.
The rate or value of a residential or commercial property for taxation functions.

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

California Relay Service.
A telecommunications relay service that provides complete telephone ease of access to individuals who are deaf, difficult of hearing, or speech impaired.

Closing/Settlement Statement.
A document that provides the closing details on a realty transaction consisting of the escrow deposits for residential or commercial property taxes, commissions, loan fees, points, threat insurance, and mortgage insurance. Also called HUD-1 Settlement Statement or Settlement Sheet.

Current Year.
The present financial tax year in which the Department of Treasurer and Tax Collector problems a Yearly Secured Residential Or Commercial Property Tax Bill.

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

Current Market Value.
The approximated resale worth of a residential or commercial property.

Delinquent/Delinquency.
Each present year installment payment that is overdue.

Delinquency Date.
The close of company on the last business day to make a timely installment payment, e.g., December 10 for the first installation payment due on November 1 and on April 10 for the second installment 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 organization on the next company day.

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

Direct Assessment.
The costs of services or advantages (e.g., weed removal, landscape, flood control, refuse, sewer, pathway repair, and lighting) that the Department of Auditor-Controller adds to the Secured Tax Roll at the request of regional demanding companies.

Electronic Check.
An electronic type of payment made via the Internet that is designed to perform the same function as a traditional paper check.

Escape Assessment.
A taxable or an assessable prior year event that got away the Office of the Assessor, which as an outcome, was not contributed to the corrected residential or commercial property's assessed worth to the prior year Annual Secured Residential or commercial property Tax Bill.

Escrow.
A contractual plan in which a third party (title business or escrow business) receives and disburses cash or files connected to the sale of a residential or commercial property.

Escrow Statement.
A statement with the breakdown of credits, debits, and payments for the buyer and the seller at the closing of a realty transaction.

Exemption.
A protection or exclusion on a portion of residential or commercial property taxes.

Fiscal Tax Year/Tax Roll Year.
A fiscal tax year runs from July 1 through June 30; a tax roll year refers to the financial tax year. For example, 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 plan that permits defaulted residential or commercial property taxes to be paid in 20 percent increments of the redemption amount, with interest, in addition to the current year residential or commercial property taxes each year.

Four-Pay Plan.
A four-year payment plan that allows prior year got away evaluations to be paid in 20 percent increments of the left residential or commercial property taxes, without charges or interest, together with the existing year residential or commercial property taxes each year.

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

Military Orders.
The paperwork required for military workers to obtain relief of residential or commercial property tax charges.

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

Personal Identification Number (PIN).
An alphanumeric code needed for completing electronic monetary transactions. 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 apprehended by the USPS. Please go to https://ttc.lacounty.gov/avoid-penalties-by-understanding-postmarks/ for samples.

Prior Year.
The residential or commercial property taxes that have defaulted or left throughout the previous financial tax year.

Residential Or Commercial Property Tax Postponement.
A State program offered to senior, blind, or disabled residents to postpone their existing year residential or commercial property taxes on their primary house if they fulfill particular criteria.

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 building and construction takes place.

Reassessment Exclusion.
A taxpayer's demand to be excluded from reassessment of the worth of a residential or commercial property after fulfilling specific 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 type.
A type to demand details on numerous residential or commercial properties at one time.

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

Substitute Secured Residential Or Commercial Property Tax Bill.
A replacement bill used for making residential or commercial property tax payments on lost or missing out on initial expenses. This costs 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 bill issued as an outcome of the reassessment of the value of a residential or commercial property upon a change in ownership or conclusion of new building.

Supplemental Tax Estimator.
A tool to approximate the expected amount 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/.