A few month ago, I wrote an article on how Propositon 8 can help Palm Springs & Riverside County homeowners reduce their property tax bill.

Proposition 8, passed in November 1978, amended Proposition 13 to reflect declines in property values. As a result, Revenue and Taxation Code Section 51 requires the County Assessor to annually enroll either a property's factored Proposition 13 base year value or its Market Value as of January 1 (lien date), taking into account any factors causing a decline in value, whichever is less.

With the current economic downturn, many Riverside County homeowners who purchased their homes after January 1, 2004 are taking advantage of this opportunity to save some money on their property tax bill.

The deadline to file the Proposition 8 application is Sept. 1, 2008

To download the application, click here

According the Riverside County Tax Assessor, Larry Ward, Decline in Value notices have automatically been sent out to eligible homeowners.  On May 14th of this year, Larry Ward was interviewed by CNBC about Proposition 8.  During the interview, he states some interesting points:

• All homes purchased after January 1, 2004 are being automatically re-assessed
• An estimated 250, 000 home to be re-assessed in Riverside County
• 70% of those homes will have their property tax reduced
• 175,000 homes with reduced taxes is a loss to Riverside County of 17 billion dollars

To see the CNBC interview, click here to watch the video.

Yesterday, I received a mailer from an out of area company who said they could assist me in reducing my property tax on my Palm Springs home using Proposition 8.  For a fee of $95, this company will file the necessary paperwork with the Riverside County Assessor's office. 

Don't fall for this scam!!!  Everything you need to file your Proposition 8  Decline in Value application is available the Riverside County Assessors website, and it is FREE OF CHARGE.

Once again, the due date to file the Decline in Value Reassessment application is September 1, 2008.  For more information on Riverside County Proposition 8 data, log on to http://www.RiversideACR.com

During these tough economic times, anywhere you can save money, especially taxes, is a good thing.

About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals.   If you are looking to purchase or sell a home in Palm Springs or anywhere in the Coachella Valley, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com 

Picture courtesy of Flickr