New Law for Builders of Five or More Single-Family Residences in a Subdivision
effective Jan. 1, 2006 (Revenue & Taxation Code 75.12, (1) Section B)
Builders will be automatically excluded from a supplement assessment on new construction if the property they are building will be offered for sale, and:
Look at the law to find out if you automatically qualify and if there are other conditions that might apply. For information: www.leginfo.ca.gov/calaw.html and search Revenue & Taxation Code 75.12.
Exclusion for Builders of Four or Fewer Single-Family Residences
Builders of four or fewer single-family residences may be exempted from a supplemental assessment on new construction that is built for sale.
The builder must file a claim for exclusion within 30 days of starting construction. The form is available at the San Mateo County Assessor-County Clerk-Recorder's Office, Assessor's Division and should be completed and returned to that office.
If the builder does not file the form within 30 days of starting construction, a supplemental assessment for the value of the new construction is assessed to the builder upon completion of construction.
If the exclusion is granted, a supplemental assessment is not created until the property is sold.
|Builder's Exclusion||Disaster Relief|
|Disabled Veteran's Exemption||Homeowner Exemption|
|Homeowner Assistance||Institutional Exemptions|
|Properties Acquired by Governmental Entities||Property Tax Assistance|
|Property Tax Postponement||Property Tax Relief/Market Value Decline|
|Reappraisal Exclussion for Seniors or Disabled||Senior Exemptions for Special School Parcel Taxes|