The Decline in the Sacramento Real Estate Market could mean reduced property taxes for residents

Could there be a silver lining to the current decline in the Sacramento Real Estate Market?

Did you know that you can request the Sacramento County Assessor's Office to reevaluate your current assessed value of your home to see if you qualify for a reduction under Proposition 8?

This decline in value may be the result of changes in the real estate market, the neighborhood, or the property itself. The assessed value will be reduced only after a review by the Assessor's Office. If the assessed value is reduced, it will thereafter be reviewed annually until the property value is brought up to its original assessed value.

Many folks in the Sacramento Area have lost significant value in their homes.  With the economy it's current state, every penny counts.  With as little as 30 minutes you may be able to save yourself hundreds of dollars per year by reducing your Sacramento property taxes.

Here are the steps you can take to apply for this temporary reduction in property taxes:

Step One:
Complete the following form and submit it to the Sacramento Tax Assessor Office by December 1, 2008 to qualify for a 2008 reduction.

Download form here >>

You must provide 2 comparable properties that sold between January 1, 2008 but no later than March 31, 2008.  You should provide any supporting documentation to support you case! I recommend that you call your Realtor and ask them for a Comparable Market Analysis and provide you a list of all homes sold between Jan 1, 2008 and March 31, 2008.

Step Two:
The Assessor's Office will evaluate the infomation you provided to see if you qualify for the reduction.

If the Assessor agrees the assessed value has declined below factored Prop 13 value, then:

• Assessed value is lowered to market value for next fiscal year
• Owner is notified of reduced value
• New tax bill is based on lower value for next fiscal year

The Sacramento Assessor's Office constantly monitors market conditions and, when practical, lowers assessed values on a mass basis. Owners are notified and may file an Assessment Appeal if they feel the value was not lowered sufficiently. Read more about the Assessment Appeals process and deadlines.

If you have any questions, you should contact the Sacramento Assessors Office!  Here is there contact information:

Sacramento Assessors office
Attn: Real Property Prop 8 Review
3701 Power Inn Rd, Suite 3000
Sacramento, CA 95826
(916) 875-0455

 Good luck! 

Blog by: Team Newington www.SuperiorLoanTeam.com