Get Your Property Taxes Reduced!

By
Real Estate Agent with no current broker affiliation

If you bought your home in the last couple years, there's a better-than-fair chance that your home is now worth less than what you paid for it.  So why are you still paying taxes based on what you bought it for?

Section 51 of the California Revenue and Taxation Code states that the assessed value of any real property shall not exceed its market value on the January 1st lien date.  So, if the market value of your property on January 1, 2008, was less than the assessed value as it appeared on your last annual assessment roll, you can make a request that they review your assessment.  What this means is, they may reduce the assessed value of your home, which will result in a reduction in the property taxes you owe this year.  No, the reduction is not retroactive, in that it will not result in a reduction of your taxes for 2007, but it will help you out going forward.

But here's the rub: the due date for these requests is APRIL 30TH.  So you must get your request in ASAP.  You will need to fill out the request form and have it delivered or postmarked by that date.

Here's where I can help.  In order to fill out the form, you will need to provide Comparable Market Data Information (yes, it's a redundancy in terms, but that's our government for you!).  What they mean is that you need to provide recent Sold comps for your property.  This is recent sales in your area on homes similar to your own, to help provide an estimate of the current market value for the property.  I can help you get this information.  Call me today!  (949) 468-8405 or email me at clamb@homesoc.com.

Here is the form you need to send to the Orange County assessor's office.
More info from the assessor's office.

Comments (1)

Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Cindy:

This is not only a great localism post but it is something that applies to all of us in every state. Thanks for sharing.

Apr 17, 2008 01:35 PM