Has your home declined in value? Unfortunately, for most of us we have no choice but to answer, yes! For those of us in California, there is some good news. Many of us are paying property taxes based upon values that were determined during the ‘boom market' and these values may have dramatically changed.
California Revenue and Taxation Code Section 1603 provides for an appeal process that allows for a property owner to request a reduction in valuation. Your Counties deadline for filing your appeal is either September 15 or November 15. Link to filing deadlines for all California counties: http://www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf
Your County Assessor's office has an application for your appeal as well as timelines and a written process. However, don't be surprised if they are less than forthcoming with the information necessary.
The State Board of Equalization also has all the necessary information and the form necessary to file your appeal. They also have a helpful on-line pamphlet for your information. Link to filing info and the necessary form: http://www.boe.ca.gov/proptaxes/asmappeal.htm
Depending on your market and the price you paid for your home you could save some real money.
Whatever you do; DO NOT FALL for the SCAMMERS that offer to do this for a fee! They are only going to use the same forms I have provided a link to-see above.
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