Interest is due annually on Security Deposits held within Santa Cruz County with the exception of Scotts Valley. Interest needs to be paid at the end of each calendar year. Our office pays in January and if under $5.00 we give tenants a rent credit if over $5.00 we send a check. For 2011 the interest is .06%.
If you have other questions about security deposits or the interest due please let us know.
If you need help with rentals in Santa Cruz or are looking for a great place to rent please visit my website: www.PortolaRentals.com
Kathleen Richards
{ 4 comments… read them below or add one }
According to the rate table I found on-line, the interest rate adopted for 2011 is 0.06%. — that’s percent – Your article say6s it is .06 cents!
Cynthia
Thank you for catching this. You are correct it is percent and not cents. I will correct. Good catch!
Cynthia Help.. figuring out interest for “years ago” – 1997 – 2012 – I think I’ve found it from 2002 through present (2/15/12). Long term tenant now vacated. Method for calculating? Santa Cruz county “laws” make me cringe. Help or place to go to figure it out would be very appreciated. Thank you
Cynthia
You can find the interest for each year at the santa cruz county website. They post all the past years of interest.
How to calculate – take the interest rate and multiply by the security deposit x the number of years for that interest.
I have added new properties to our portfolio that I have had to go back and calculate and sometimes I have interest calculated
for each year that is different then just add them all up. Scotts Valley isn’t under the ordinance so if your rental is in Scotts Valley you do not need to pay the interest.
Hope that helps.
Kathleen