There was a Letter to the Editor in the Monday, October 5, edition of the San Diego Union-Tribune about "creeping property taxes."

The letter writer was complaining because his property tax bill was up two percent. That's as it should be.

Now before you have a fit because you believe that the property tax should be down in accordance with real estate values being down, well, you are correct as well.

Here is what happens here in California:

With the passage of Proposition 13 by California voters in 1978, property taxes are limited to an increase of two percent annually. This protects the elderly and retired from having their properties re-valued during real estate boom markets and not being able to pay their property tax, thereby forcing them to sell the homes that they might have been in for thirty or forty years.

For example, let's say that a home was purchased in 1978 for $100,000. The value and the property tax would go up every year by two percent, so here are the years, the property valuation, and the property tax:

Where the governments make their money is when the property is sold. For example, let's say that the house purchased for $100,000 in 1978, which would have been a pretty hefty price, sells for $1,000,000 in 2009. The previous valuation had the house at $188,454 and a tax of a mere $3,695. The next tax would be two percent of one million dollars, or $20,000. Next year the tax will be two percent higher, or $20,400. That's why governments love real estate boom markets. Unfortunately, they don't put any of the money aside for when the real estate market declines. They like to spend, spend, spend. But I digress....

If property values actually decline, all you have to do is appeal your assessment.

The property tax year runs from July 1 through the following June 30. Property tax bills are sent out in October and the first payment is due December 10 and the second payment April 10.

If you want to appeal your 2009-2010 property tax assessment, you must do it between July 2 and November 30, 2009.

Filing an appeal is a fairly easy process and appeals are often granted if you have all your ducks in a row and have done everything required.

For more information and the appropriate forms, go to the San Diego County Tax Assessor's Assessment Appeals web page.

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If you're looking for a great condominium in Mission Valley,
the heart and soul of San Diego, please give me a call.

I'm available 24/7, so feel free to contact me by phone or email.

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Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com
Mission Valley Condos Information

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