I found this information online at the county website. It states that you may be eligible for a reduction in your taxes. Here is an example of how it works: If you bought your home for $400,000 two years ago an now it is worth $350,000 then you may be eligible for a reduction in your yearly taxes. It does not apply if you pulled out money from your homes equity and now your homes value is less than your mortgage.
If you have any other question visit the County Assessor website at http://activerain.com/action/blogs_admin/www.riversideacr.com%20%20 . There is a number to call and a form that you can download in a PDF format. When you get to the website click on the Decline in Value (Prop 8) button on the left.
(I copied this information directly from the Assessor website)
Due to recent housing market conditions within the County of Riverside, the Assessor‘s office has begun to review the value of properties purchased within the last year in an effort to determine if value reductions are warranted under Proposition 8 (Prop. 8).
If you believe the assessed value of your home is greater than its current market value, you may request a review by filling out and returning a Decline-in-Value Reassessment Application (Prop. 8) form. Our staff will review your request and provide written notification regarding their findings.
If you know of anyone who might find this information important please forward this email on to them. If you would are curious about your homes value simply click on the "Your Home Value" button on the left and fill out the form.
Sincerely Kevin Williamson local REALTOR http://www.williamsonteam.net/
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