How to get your property taxes lowered based on a decline in value
There is too much information available and most of it is unclear regarding the procedure to have your property taxes reduced based on a decline in value. From what I can determine: Proposition 8, allows for a temporary reduction in assessed value when a property suffers a “decline-in-value.”
*You will need the form (Application for Decline in Value Reassessment Application)
*You will need Comparable (comps) sales to support your claim. The assessor’s office only accepts comparables that have a sales date of January 1st – March 31st of the current year.
*If you think you are eligible, you should probably wait until April 2008 for the best comps. You can get comps from the assessor’s web site or you can contact your Realtor.
The are several assessor's locations, (my location is Sylmar and their telephone number is 818 833-6000)
Categories: All about Money, TAXES, A Buyer's Perspective
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3/21/2008 9:23 AM
Los Angeles Real Estate Blog wrote:
Around the Southland, officials are automatically reevaluating homes purchased in recent years, especially at the height of the housing bubble from 2004 to 2007. Perhaps I am jaded, but why would the county automatically reduce property taxes? Why wouldn’t they wait for the homeowner to initiate the reduction? I thought California had a budget crisis? Are they really automatically reducing taxes? I find this so extraordinary! Anyway, if you want to be more proactive read my previous post to learn how to apply for your Los Angeles County property tax reduction. ... -
2/22/2009 8:36 AM
Los Angeles Real Estate Blog wrote:
Every turn in the economy brings a new scam. My client received this very official looking notice to have his property taxes reassessed, fortunately he was smart enough to call me prior to mailing in the $179 fee. As my client has owned his home for decades his property taxes are very low. As a matter of fact his La Crescenta home is assessed at $211,790. In order for him to qualify for a reduction in value he must be able to prove to the assessor that his home is worth less than the $211,790 assessed ...
I have been looking at property and found out the property needs to be assessed again because of the national decline in property value. Your blog gave me two ways to get that done and I want to thank you for that. Get the right form and it is as easy as that.
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