Question

What penalty will be assessed on July 1 for failing to pay homestead property taxes by May 15th in California?

(A) 5% of the unpaid taxes
(B) 10% of the unpaid taxes
(C) 15% of the unpaid taxes
(D) 20% of the unpaid taxes

Answer 1

The penalty for failing to pay homestead property taxes by May 15th in California is 10% of the unpaid taxes.

Step-by-step explanation:

In California, if property taxes are not paid by May 15th, a penalty will be assessed on July 1.

The penalty for failing to pay homestead property taxes by May 15th in California is 10% of the unpaid taxes.

For example, if the unpaid taxes amount to $1000, the penalty would be $100 (10% of $1000). Therefore, the total amount owed would be $1100 ($1000 + $100).