Tax assessments for new ts purchase...pls help

[Mybobalong Member Find all posts View Profile Close Mybobalong]

Bought a every EVEN year ts in CA for $5000 from Shelley at Transaction Realty in July.So far been advised deed has been sent for recording.Today I rec'd a tax bill from Riverside County (still has seller's name as owners) for 2 installments of $86.60 due July and Nov respectively. Shelley said my tax bill should be about 10% of purchase price $50 every other year. What should I do now? Do I fill out forms for change of ownership or fill out form for changed assessment from the riverside county website? Shouldn't the closing co. be responsible for doing all this? Has anyone run into something like this before? Pls help ..............thanks so much in advance. Angie

[philsfan Administrator Find all posts View Profile Close philsfan]

If the bill you have contains an assessment number go here to the Riverside County Tax Assessor site. Start the review/pay process and enter your assessment number. If it's not yet in your name you need to contact them and make sure that the tax rate you get reflects the price you paid and not the price the other owner paid.

[Re/Max Town Centre Junior Member Find all posts View Profile Close Re/Max Town Centre]

Who was your closing company?

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

California property taxes...

Bought a every EVEN year ts in CA for $5000 from Shelley at Transaction Realty in July.So far been advised deed has been sent for recording.Today I rec'd a tax bill from Riverside County (still has seller's name as owners) for 2 installments of $86.60 due July and Nov respectively. Shelley said my tax bill should be about 10% of purchase price $50 every other year. What should I do now? Do I fill out forms for change of ownership or fill out form for changed assessment from the riverside county website? Shouldn't the closing co. be responsible for doing all this? Has anyone run into something like this before? Pls help ..............thanks so much in advance. Angie

This one is more than a little tricky..

First of all, the tax year for that county doesn't correlate with a traditional calendar year- so Buyers and Sellers are always confused about who should be responsible for what billing..

Secondly, Shelley Preece often acts as both the closing agent and the selling agent, so you may not even have an actual closing company. This is something I wouldn't recommend (I always STRONGLY recommend an independent third-party escrow and closing agent), but in her defense- Shelley does have a good reputation and has been working in this manner for as long as I can remember. In this specific instance- you'll simply have to check with Shelley to determine what she's done or hasn't done...

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Generally, your closing agent should file the proper tax forms when the deed is submitted for recording. These forms will update the local assessors office with your contact information.. If the taxes are billed separately from the resort- you'd then get your county assessment sent directly to you by the next cycle.

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It's important to be very careful when buying a deeded timeshare in California.. Taxes are billed separately, and finding tax liens on a timeshare is quite common. Always address this issue with your closing agent and ask for some type of written confirmation that taxes are in fact current. (A title search ensures this for you- but can be pricey for this state).

I've found many sellers that weren't even aware they should have been getting a tax bill, as their other timeshare properties (located in other states) have the taxes embedded in the resort's annual billing. The sellers were paying their resort invoices on time, and they were getting their usage- so they didn't realize anything was wrong... However, getting a seller to cooperate after the fact can be difficult at best.

When the closing is done improperly and the Buyer gets a surprise bill for the last six years of unpaid taxes- it's normally cheaper for the buyer to simply pay the bill than to hire an attorney and go after the seller!

[Mybobalong Member Find all posts View Profile Close Mybobalong]

Thank you ALL for your replies. Just thought 2 installments of $86($173 total) for an EVEN year usage timeshare that I paid $5000 for seems a little high.Usage starts 2010 and taxes billed is for Dec10 2008+April10 2009. Talked to Shelley @ Transaction,said I signed the contract to pay all taxes(wording on taxes part was ambiguous at best) so too late to ask seller to pay 2008 taxes. Anyways,I've gone to riverside county's website and downloaded some forms and I'll go from there.On all ebay ads for Desert Springs2,even annual weeks the taxes are under $100,why is mine $173 for every other year? Does this seem in line w/ other California TS??? Really thought I've done my due diligence and left it in the good hands of a competent agent and did not negotiate a single penny down from seller.Well, Angie.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Taxes for Marriott Desert Springs II..

I show the following info for taxes currently assessed at this resort.

Annual Red Season- $368
Annual White- $278
Annual Blue- $175
EOY Red- $221
EOY White- $167

Misinformation on eBay is common. Individual sellers and PCC's make up most of those ads- and neither group is renowned for their commitment to accuracy.