What New HomeBuyers need to know before Buying a Milpitas Home, important information before you buy your new Milpitas home.
If you are thinking or buying a new home in Milpitas or if you just recently purchased your new Milpitas home here's a few pieces of information to help you. As I help many buyers buy homes I remind new home owners that home ownership comes with many rights and responsibilities. These include the requirements to complete and file certain required forms and to pay property taxes. The following information is typical, but in many cases I have found that most agents will sometimes forget or even neglect to tell most new home buyers about them.Important pieces of information for new homebuyers to know:
The first piece of information on what new homebuyers need to know before buying a Milpitas home is to know that it is required by State law that new homeowners and the new buyers of a home file a Preliminary Change of Ownership Report (otherwise know as a P.C.O.R. form) with the Santa Clara County Recorder's Office at the time of recording the purchase. In almost every occasions, it is furnished and completed during escrow and goes along with the deed when being recorded. The information which the buyer completes on this form will help the County Assessor to determine new ownership and the fair market value of the home. The next piece of information on what new homebuyers need to know before buying a Milpitas home is VERY IMPORTANT.
*You will receive TWO types of tax bills, a regular annual tax bill and a supplemental tax bill*
Typically all homeowners will expect an annual tax bill but what upsets most new home buyers and specially first time home buyers is the supplemental property tax. 
I hear this a lot from new home owners. Many new home owners will not be advised by their lender or agent on this matter and in turn many complain that they were not advised of the TOTAL property tax bill during closing. So be prepared to receive TWO types of bills. The annual tax bills are paid in two installments that become delinquent if not paid by December 10 and April 10. Supplemental tax bills are typically paid in two instalments as well. The due and delinquency dates will be printed on the bills. While the assessment and ensuing property taxes cannot be eliminated, the frustration and the element of surprise can be by knowing what to expect. More info on Santa Clara County Tax Assessor Here
I hear this a lot from new home owners. Many new home owners will not be advised by their lender or agent on this matter and in turn many complain that they were not advised of the TOTAL property tax bill during closing. So be prepared to receive TWO types of bills. The annual tax bills are paid in two installments that become delinquent if not paid by December 10 and April 10. Supplemental tax bills are typically paid in two instalments as well. The due and delinquency dates will be printed on the bills. While the assessment and ensuing property taxes cannot be eliminated, the frustration and the element of surprise can be by knowing what to expect. More info on Santa Clara County Tax Assessor Here
Another piece of information on what new homebuyers need to know before buying a Milpitas home is that new home owners can expect to receive an assessment and associated supplemental notice approximately six months after they bought their home and their home purchase has been properly recorded. After sales are recorded, the information is transmitted to the Assessor and is processed to become part of the workload of the appraisal staff. Historically it has taken an average of six months from the date it is recorded for the Assessor to complete the appraisal and to notify the homeowner of new assessed values. It must be noted that this is just an average and the actual time may vary greatly up to the statutory limitation of four years to complete the process.
Another piece of information on what new homebuyers need to know before buying a Milpitas home is that the Supplemental tax bills are not paid by lender. New Homeowners often expect the impound accounts established with their lenders to satisfy their supplemental tax obligations. In most cases impound accounts are not intended to satisfy supplemental taxes. Please contact your lender, or loan servicing entity to understand the terms of your impound account.
And one final piece of information on what new homebuyers need to know before buying a Milpitas home is that Assessed values can be reviewed and changed. The supplemental notice, roll correction notice and the annual Notification of Assessed Value are all provided to property owners as a means to review assessments and serve to open time periods for informal review requests and formal applications for changed assessment. Property owners should carefully review the notices and contact the Assessor’s staff with questions or concerns within the periods explained in the notices.
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