The tax imposed pursuant to this part shall be determined as of 12:01 a. m. January 1 of the calendar year for which it is imposed and shall be immediately due and payable to the tax collector of the county in which the racehorse is domiciled.
Taxation of RacehorsesCollection
Section § 5761
This law states that a tax for racehorses is calculated as of the start of the year on January 1st at 12:01 a.m. The tax must be paid right away to the tax collector in the county where the racehorse lives.
racehorse tax tax due date county tax collector
Section § 5762
If you owe this tax, make sure to pay it by 5 p.m. on February 15th of the year it's due; otherwise, it will be considered late.
The tax imposed by this part shall become delinquent at 5 p.m. on the 15th day of February of the calendar year for which it is imposed.
tax deadline tax delinquency February 15
Section § 5763
If you don't pay your taxes on time, a 6% penalty is added at 5 p.m. on the deadline day. Starting the next month, a 1% penalty is added each month until you pay all the overdue tax and penalties.
A delinquent penalty of 6 percent shall attach at 5 p.m. on the day any tax imposed by this part becomes delinquent. An additional penalty of 1 percent shall attach to the tax on the first day of the first calendar month commencing after the tax becomes delinquent and on the first day of each calendar month thereafter, until the delinquent tax and penalties have been paid in full.
delinquent penalty tax deadline 6 percent penalty
Section § 5764
This law allows a tax collector to immediately collect taxes from a county if they believe waiting would risk losing the funds. The tax collector can decide on the amount due and collect it right away using any legal methods, including specific procedures detailed in other parts of the law.
If, in the opinion of the tax collector, the amount of tax required to be paid to the county pursuant to this part, or any portion thereof, will be jeopardized by delay, the tax collector shall thereupon make a determination of the tax or the amount of tax to be collected. The amount so determined shall be immediately due and payable. Such jeopardy determinations and the amount of tax found to be due thereunder may be collected by the tax collector by any legal means, including, but not limited to, the procedures established pursuant to Chapter 3.3 (commencing with Section 2851), Chapter 4 (commencing with Section 2901), Chapter 5 (commencing with Section 3002), and Chapter 6 (commencing with Section 3101) of Part 5 of this division.
jeopardy tax determination immediate tax collection county tax payment
Section § 5765
This law allows county assessors to audit the financial records of racehorse owners to make sure they are reporting the correct information and paying the right amount of tax. If a situation arises where a property tax audit would typically be necessary, the assessor must also audit the racehorse owners' books as dictated by certain rules and regulations.
(a)CA Revenue & Taxation Code § 5765(a) The assessor may perform audits of the books and records of any owner of racehorses subject to the tax imposed by this part in the county to determine if the correct information has been reported and the proper amount of tax has been paid.
(b)CA Revenue & Taxation Code § 5765(b) In those cases wherein the board determines that an audit would have been required under Section 469 if the racehorses were subject to property taxation, rather than to the provisions of this part, the assessor shall perform such audits of the books and records of the owners of racehorses subject to the tax imposed by this part as the board by rules and regulations may prescribe.
racehorse tax audits tax reporting county assessors
Section § 5766
This law allows for a tax to be applied within five years after it was originally due. If penalties are involved, they will start accruing from the time specified in a different section, Section 5763.
The tax described in this part may be imposed at any time within five years after the tax would have otherwise become due and the penalties shall date from the time described in Section 5763.
tax imposition five-year period tax due date
Section § 5767
If you fail to file a required tax report on time, expect a penalty of 10% of the amount due. If you submit a false or fraudulent report to avoid taxes, the penalty jumps to 25%. In both cases, additional penalties may apply as outlined in another section.
If any person required by Section 5782 to file a report fails to file it by the time specified, the tax collector shall impose on the lawful amount of taxes due under this part, a penalty equal to 10 percent of the tax, and the penalties provided by Section 5763. If any person required to file the report required by Section 5782 files any false or fraudulent report with an intent to defeat or evade any tax due under this part, the tax collector shall impose on the lawful amount of tax due under this part, a penalty equal to 25 percent of the tax, and the penalties provided by Section 5763.
tax report filing late filing penalty false tax report
Section § 5768
If you're an owner of racehorses in California, you need to keep accurate business records about where your horses are and how long they stay in each county. When asked by the tax assessor, you must provide these records at a mutually agreed location. Keep these documents for five years after any related tax is due.
Upon request of the assessor, an owner of racehorses of a type subject to the tax imposed by this part shall make available at his principal place of business, principal location or principal address in California or at any place mutually agreeable to the assessor and the owner, a true copy of business records relevant to the number and type of racehorses located in any county of the state during any taxable period and the number of days spent in each county during that period. Records referred to in this section shall be retained by the owner for a period of five years from the date any tax to which they relate becomes due.
racehorse tax tax records assessor request
