If you are a Carlsbad homeowner (or a homeowner anywhere in San Diego county for that matter) the market value of your home or condo may have dropped below the assessed value determined by the Assessor's Office.

So you may be asking, "Can I get some property tax relief?" 

The answer is yes, you can, on a temporary basis 

"Under State law, (Proposition 8) a temporary reduction in assessed value can be made when the market value, as of January 1, 2009, falls below the assessed value." (per the Assessor's website) 

The property tax reassessment period for the 2008-2009 tax year has passed, but you CAN submit a request for reassessment for the 2009-2010 tax year to the Assessor's Office BEFORE MAY 30, 2009.

You can do this yourself by submitting an application, and it costs you nothing. NOTE - you likely will get one or more solicitations from companies willing to charge you a fw hundred dollars to do this for you; I got one today, in fact, from Property Tax Reassessment in Los Angeles. That's your choice if you want spend your money that way. But it's easy to do - you can complete the application here. The link also includes instructions. 

Comparable properties you include (sales, listings, appraisals) to demonstrate a decline in your home's value must have sold between October 1, 2008 and March 31, 2009.

If your home's value has dropped, you deserve to have a temporary reduction in your property taxes based on a revised assessed value. Know that when the value increases so will your property taxes, in accordance with Proposition 8, but no more than the original value plus the annual CPI increase, up to 2%, required by Prop 13. 

Visit the County of San Diego Assessor/Recorder/Country Clerk website for more information on taxes and related issues.

*****************************

Subscribe in a reader

If I can provide more information about San Marcos, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2009 Jeff Dowler Carlsbad Homes and Real Estate Tidbits