Assessee
The person to whom the property or a tax is assessed
Homeowner Exemption
A value reduction provided to homeowners pursuant to Revenue and Taxation Code 218.
Lien Date
The time when the taxes become a lien
on property and the time as of which property is valued for tax
purposes. 12:01 a.m. on January 1 preceding the fiscal year for which
taxes are collected.
Net Assessed Value
Total assessed value less all exemptions including homeowners.
Personal Property
Personal property is defined
as all property except real property. Personal property is either
tangible or intangible. Generally, all tangible personal property is
taxable except where specific exemptions are provided. Tangible
personal property is any property, except land or improvements, that
may be seen, weighted, measured, felt, or touched, or which is in any
other manner perceptible to the senses.
Examples of taxable tangible personal property include portable
machinery and equipment, office furniture, tools, and supplies.
Examples of nontaxable tangible personal property are household goods
and personal effects, noncommercial boats worth $2,000 or less, and
goods held for sale or lease in the ordinary course of business
(inventories).
Possessory Interests
An interest in real
property that exists as a result of possession, exclusive use, or a
right to possession or exclusive use of land and/or improvements
unaccompanied by either ownership of the land in fee simple or a life
estate in the property. A possessory interest becomes taxable when the
interest is held in nontaxable publicly owned real property. There is
no possessory interest tax placed on the use of publicly owned personal
property.
Examples of taxable possessory interest include permitted use of
U.S. Forest Service property such as ski resorts, stores, and cabins;
harbor leases; boat-slips at public marinas; tie-downs at public
airports; grazing land permits; employee housing on tax-exempt land;
and mineral rights in public lands.
Real Property
Real estate or real property includes:
- The possession of, claim to, ownership of, or right to the possession of land.
- 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.
- Improvements
Supplemental Assessment
A property tax levy made
in accordance with Chapter 3.5 of Part .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.
Supplemental Assessment Roll
Contains a listing of all property that has undergone a change in ownership or experienced now 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.