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4300-4304 Recurring Transactions: Controls

4300. INITIAL ENTRY
As indicated in M-4107, controls are established and an initial charge made when the abstract system is installed. The initial entry on the control sheet must be the date the auditor certifies the list, pursuant to Revenue and Taxation Code section 4374 (M-4230).

4301. SUBSEQUENT ENTRIES
Each transaction need not be entered into the control sheet but may be periodically summarized, with just the total entered. Such entries should include the period covered, the type of transaction, and the actual date entered.

4302. ANNUAL TAX-DEFAULTING
Following the annual tax-defaulting of properties, the control charges, consisting of delinquent taxes, special assessments, delinquent penalties, and costs, are increased accordingly.

4303. OTHER TRANSACTIONS
The following transactions should also be reflected in the control and charge process: redemptions; sales of tax-defaulted property at public auction, by sealed bid, or by agreement; cancellations; and corrections.

4304. INSTALLMENT PAYMENTS
Money received from installment plan payments may be held in a separate fund until redemption is made and then credited against the charge, or the money may be credited and distributed as received (Rev. & Tax. Code §§4656.6-4656.7). Money held in trust from defaulted installment plans must be distributed as regular taxes when the right of redemption terminates.