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Property taxes are traditionally paid by homeowners each year in December and April. But, what is the actual tax year for which these taxes are paid?

The tax year begins July 1 and ends June 30 of the following year. Therefore, the first installment, which is due November 1 and delinquent after December 10, covers the six month period from July 1, to December 31. The second installment, which is due February 1, but delinquent after April 10, covers the six month period from January 1 to June 30.

Taxes become a lien on the property as of January 1 each year at 12:01 a.m. The assessment is initially one percent of the purchase price of the home. This one percent is the amount allowed by Proposition 13, which was passed by the voters in 1978. The amount can be increased by the county assessor, but only according to the formula contained within this proposition. Additional items may appear on your tax bill based upon local needs. Education is the category the most commonly added.

Your tax bill will show an assessment for the land and an assessment for a dwelling constructed on the property. If you believe your home valuation has declined, you may apply to the county for a reduction in your assessment, which, if granted, could lower the amount of taxes you are required to pay. In many counties the assessor is reducing the tax valuations voluntarily based upon recent home sales in the area.

If you occupy the dwelling, you may apply for a homeowner's exemption. This exemption will reduce the amount of property taxes you owe. If you are a Veteran or a Disabled Veteran, you may also apply for an exemption to reduce your property taxes. An exemption may be applied for beginning January 1.