California property owners can take advantage of the current declining real estate market and save money by reducing their annual property taxes.  Prop 8 states that when a property suffers from a decline in value, the owner has the right to appeal to the county assessor's office to lower the annual property tax.

        Prop 8 requires the county assessor use whichever value is lower (assessed value or market value) when calculating a property's annual property tax (lower value = greater savings).  Prop 8 helps virtually every California property owner that purchased within the past few years save money by reducing their annual property taxes.  However, the responsibility to save is on the property owner.

        Every county is different and operates independently with their own set of appeal forms, instructions and deadlines that the property owner or their Agent of Service must obtain, complete, and monitor.  In addition, the counties require that certain admissible evidentiary support be submitted along with the appeal to justify the lower value.  Take advantage of the current decline in real estate values and protect your right to lower property taxes with Prop 8.

 

3 Comments on California property owners can save money by reducing their property taxes during a declining market

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03/18/2008 12:18 AM by Benjamin Clark - Exclusive BUYER'S AGENT - Salt Lake City, Utah (Homebuyer Representation, Inc.)


I was granted a home in Murrieta in 2004 and I am paying 4500 a year in property taxes in zip code 92563.  I did an appeal to my property tax and my total assessment went from 396,600 to 394,00. Are you kidding me?  Nothing in my area is values at 394,000. How do they justify this?

07/26/2008 01:42 PM by angry home owner


There are many companies that can hep you . Your truely need an appraisal and appeal the decision. Just google reduce assessed property taxes california and you can find different companies . Some want an arm and a leg othere have flat rates. Good luck

08/12/2008 09:01 PM by under value


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Real Estate - Other: Josh Wilson (Prop8Pros The Property Tax Savings Specilaists)
Josh Wilson
Murrieta, CA
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