Re-Assessing Your Tax Bill

By
Real Estate Agent with Basic Brokerage Solutions

 

Re-Assessing your Home Value to Lower Your Property Taxes: 

Home Value

In this time when we're seeing more and more foreclosures hit the market a lot of homeowners don't realize that they can go to the Tax Board and see if there Property Taxes can be lowered.  There are signs that help you know that your home warrants an Adjustment, as follows:

  • Compatible homes in the area that have sold for less than your appraised value.

  • Neighbors with lower assessments on similar houses. Keep in mind some homes retain the same assessed value for years and assessed values often don't rise or fall in step with market values or home sale prices.
  • Value reducers in your home or area, including drainage problems, easements, re-zoning, heavy traffic, nearby railroad tracks, freeways, industry or toxic waste. 

First thing you should do is examine your tax records to make sure everything is accurate.  And you might want to ask yourself a few questions to understand whether you home is over valued by the state of california.

  • Did you buy your home in a bidding war?
  • Are there errors in your bill, do they have the correct amount you purchased, square feet, too many rooms, or other things that could falsely raise your assessed value.

If you need to appeal the assessed value and related property tax, prepare yourself for a time-consuming ordeal. In most cases the process is free for taxpayers, but you may want to enlist the aid of a licensed Realtor to assist you.

Typically, you'll have to find three, five or more comparable homes in your neighborhood that have lower assessments. Obviously, the lower the better. Also, the more comparables, the stronger your case. Truly comparable homes are homes nearly identical to your home's floor plan, age, lot size, improvements and other factors.  

If you think your home falls into this category than it might be time to get some comparables of your home and STOP being OVER taxed...

 

Comments (2)

Catherine Barden
Basic Brokerage Solutions - Encinitas, CA
Please let me know if you have ways of getting this information corrected with the County Assessors Office...
Mar 03, 2008 02:26 AM
Catherine Barden
Basic Brokerage Solutions - Encinitas, CA

Yes...There is a way to correct this with the County Assessors Office. 

Here is a great website with the form to help you out. 

Application for Review of Assessment

To file an application for review of assessment, please contact the County Assessor's office at http://arcc.co.san-diego.ca.us/docs/calrev.pdf to obtain the form. Filing deadline is May 30, 2008

If you need any more information i do post this on my website http://www.encinitasproperties.net

and more information about Short Sales, and Foreclosures.

Thanks for reading...catherine barden, agent in San Diego

Apr 11, 2008 01:48 AM