Fiscal Year – July 1 to June 30
A secured tax bill covers a “fiscal year.” The fiscal year begins July 1 and ends on June 30 of the following calendar year. Prorated taxes will be based on these dates on the Estimated Settlement Statement and the Final Settlement Statement. This is a lien that is secured by the property.
Property taxes are adjusted upon the transfer (sale) of real property. The rate is 1% plus adjustments. Currently this tends to be estimated at 1.2% of the purchase price. Taxes are limited to this amount due to the passage of People’s Initiative to Limit Property Taxation passed into law in 1978; more commonly known as “Proposition 13”.
Buyers may be charged a supplemental tax. The amount of each supplemental assessment in the difference between the property’s new base year value (generally the purchase price), determined as of the date of change in ownership completion of new construction, and the existing assessed tax value. This separate bill will be due some time within the first year of new ownership.
The California Land Conservation Act, better known as the Williamson Act, was enacted in 1965 in order to preserve agricultural lands by discouraging premature and unnecessary conversion to urban uses. Counties and cities that choose to participate in the Williamson Act program implement the program through contracts with landowners that restrict use of the land in return for reduced property taxes, in accordance with local regulations and state law. Land under contract must be devoted to agricultural uses; open space and recreation uses as narrowly defined in the act; and incidental and compatible uses also defined in the Act and by local regulation. For more information visit The California Land Conservation Act of 1965 website link.
Contacts at San Mateo County:
For Values – contact Assessor – 650-363-4500
For Tax Rates – contact Controller – 650-363-4777
For Exemptions – contact Assessor – 650-363-4500
For Tax Payments – contact Tax Collector – 650-363-4142
For Tax Bills – contact Tax Collector – 650-363-4142
Website: San Mateo County Tax Collector