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Printable Form 1040 (PR) Santa Clarita California: What You Should Know
How The Government Collects You can request a “Property Tax Bill” for your tax return. The owner of each property, including residential and commercial properties, must provide you with a copy of the property tax bill. The “P” in POT refers to that tax figure: Prop. 134. This property tax figure is the total assessed value of the entire assessed tax base, which includes any taxes on the entire assessed unit or other property you may own, including a home or farm. If you own multiple properties. You will need to include all the taxes and charges paid for these properties in the “POT” figure. Example: A taxpayer owns properties of different values in Santa Clara and Santa Clara County. The taxpayer reports the total assessed value of Santa Clara County as 300,000 and the Santa Clara County POT as 200,000. The taxpayer reports the total assessed property values as 400,000 in Santa Clara County and 50,000 in Santa Clara County. The taxpayer must send each client the POT figure or a letter asking for the taxpayer to provide the POT figure for each assessed value. You can use the POT figure to determine if the owner needs to pay sales or use tax. If you are using the 100 POT, the Tax Collector can determine if any part of the amount reported as the “PON TI” or “POT” figure for that property should be reported as a California or Federal excise tax. If that figure were to be used to determine a sales tax deficiency at the time of property taxation, the amount of tax to be withheld from the seller or purchaser of the property would be the “POT” figure. You can also use POT to determine your assessment of any sales/use taxes you owe for your taxable income. The California Department of Revenue can also use the POT figure as a tool to determine if there are any taxes and/or penalties owed on any tax return that was required to be filed within a specific period. California's Department of Finance must report to the State Controller all sales and use tax collected by private individuals and businesses within their respective jurisdictions as a result of their sales or use of a commodity, such as property, goods or services. This is called a “commodity collection.” The report to the Controller is used to pay local property tax.
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