Question:
What is the term of a Subdivision Tax Bond?
Answer:
If a subdivision map is recorded between January 1st and October 31st, a security for taxes, which the property is subjected to but not yet payable, must be posted prior to the map recordation. The applicant must complete the Bond Estimate Declaration for the Assessor Office to determine the applicable tax amount.
The tax security could be any one of the following:
1- Cash.
2- Letter of Credit\Certificate of Deposit with no expiration date.
3- Bond by a surety\insurance company that automatically renew yearly.
The tax security will be released by this department upon notification from the Tax Collector Office that the required tax had been paid and the tax security is no longer needed.
Please contact the Land Development Subdivision Section at (626) 458-4915 for further information.
What is the term of a Subdivision Tax Bond?
Answer:
If a subdivision map is recorded between January 1st and October 31st, a security for taxes, which the property is subjected to but not yet payable, must be posted prior to the map recordation. The applicant must complete the Bond Estimate Declaration for the Assessor Office to determine the applicable tax amount.
The tax security could be any one of the following:
1- Cash.
2- Letter of Credit\Certificate of Deposit with no expiration date.
3- Bond by a surety\insurance company that automatically renew yearly.
The tax security will be released by this department upon notification from the Tax Collector Office that the required tax had been paid and the tax security is no longer needed.
Please contact the Land Development Subdivision Section at (626) 458-4915 for further information.