I spoke with Riverside County Assessor/Clerk/Recorder Chief Larry Ward yesterday about Prop 8 property tax reductions this year. He wanted everyone to know 2 things and communicate it to their clients.
- EVERYBODY who had an adjustment last year will automatically be re-evaluated this year. Last year, you may recall, they re-assessed every property in the county that had been purchased since 2004. Those Buyers will get another swing at reducing their taxes - and with property values off by as much as 30% in some cases, chances are good they will save a few more greenbacks this year.
- This year - EVERYBODY who purchased a home since 2001 will automatically be re-assessed. They figure County-wide, our prices are roughly back to 2001 levels so rather than being bombarded by individual requests, they'll just do it by area and year and save everybody the trouble.
I know a number of people I've spoken with who got a re-assess last year didn't feel it represented the current value of their home too acurately - but if you do have a problem with it you can always file an appeal at the time. They'll notify you of your new value in July and you have until September to file.
Remember - if you do decide to file that Reduction in Value Form, don't pay anyone up-front to provide the numbers. A reputable Realtor can help you out.
For a complete rundown please visit: The Riverside County Assessor - County Clerk - Recorders office.
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