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qB�99
<br />Total taxable transactions reported in the County during the first three quarters of
<br />calendar year 2002 amounted to $8,613,612,000, a 11.0% decrease over the total taxable
<br />transactions of $9,672,905,000 that were reported for the first three quarters of calendar year
<br />2001. A summary of historic taxable sales within the County is shown in the following table.
<br />SAN MATEO COUNTY
<br />Taxable Retail Sales
<br />Number of Permits and Valuation of Taxable Transactions
<br />(Dollars in Thousands)
<br />Retail Stores Total All Outlets
<br />Number Taxable Number Taxable
<br />of Permits Transactions of Permits Transactions
<br />1997 6,416 $6,346,995 22,394 $10,733,816
<br />1998 6,706 6,609,248 21,774 11,035,003
<br />1999 7,156 7,516,398 21,586 12.130,051
<br />2000 7,392 8,596.944 21,173 14,044,016
<br />2001 7,813 8,215,567 21,287 12,859,589
<br />Source: State Board of Equalization
<br />Property Taxes
<br />Property taxes are levied for each fiscal year on taxable real and personal property as of
<br />the preceding January 1. For assessment and collection purposes, property is classified either
<br />as "secured" or "unsecured" and is listed accordingly on separate parts of the assessment roll.
<br />The "secured roll" is that part of the assessment roll containing State - assessed public utilities
<br />property and real property the taxes on which are a lien sufficient, in the opinion of the County
<br />Assessor, to secure payment of the taxes. Other property is assessed on the "unsecured roll."
<br />Property taxes on the secured roll are due in two installments, on November 1 and
<br />February 1 of each fiscal year, and become delinquent on December 10 and April 10,
<br />respectively. A penalty of 10% attaches immediately to all delinquent payments. Property on
<br />the secured roll with respect to which taxes are delinquent become tax defaulted on or about
<br />June 30 of the fiscal year. Such property may thereafter be redeemed by payment of a penalty
<br />of 1% per month to the time of redemption, plus costs and a redemption fee. If taxes are
<br />unpaid for a period of five years or more, the property is deeded to the State and may be sold
<br />at public auction.
<br />Property taxes on the unsecured roll are due as of the January 1 lien dates and become
<br />delinquent on August 31. A 10% penalty attaches to delinquent unsecured taxes. If unsecured
<br />taxes are unpaid at 5:00 p.m. on October 31, an additional penalty of 1% attaches to them on
<br />the first day of each month until paid. The County has four ways of collecting delinquent
<br />unsecured personal property taxes: (1) a civil action against the taxpayer; (2) filing a judgment
<br />in the office of the County Clerk specifying certain facts in order to obtain a lien on certain
<br />property of the taxpayer; (3) filing a certificate of delinquency for record in the County
<br />Recorder's office in order to obtain a lien on certain property of the taxpayer; and (4) seizure
<br />and sale of personal property, improvements or possessory interests belonging or assessed to
<br />the assessee.
<br />Beginning in 1978 -79, Proposition 13 and its implementing legislation shifted the
<br />function of property tax allocation to the counties, except for levies to support prior voted
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