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Proposition 8 - Potential Property Tax Relief For Contra Costa County Home Owners

By
Real Estate Agent with Keller Williams Realty

The re-assessment of property taxes is due!! I talked with the assesor's office this morning and they would like the decline in value form filed by the end of May 2008. However, the form may be filed later, but the assessment may be delayed. Please call or email me for a free comparative market analysis to accompany your assessment review request.

What is Proposition 8 and How does an Contra Costa County Home Owner Exercise Their Rights? Proposition 8 passed in November of 1978 and amended Proposition 13 to reflect declines in value. As a result of this the Assessor is required annually to assess the value of property. As a home owner you would fill out a form indicating the decreased value of your home based on comparables of sold property in your neighborhood. If the assessor agrees that value has declined, your property taxes would be re-assessed at the lower property value.

Decline In Value 2008-2009 Form:
Prop 8 Form

he Assessor’s Office also stated that they are aware of a “decline” with current market values and are therefore reassessing the value of properties that sold in 2005, 2006 and 2007. The Assessor’s Office will be sending out a “Notice of Assessed Value” to property owners in July of 2008. If the owner receives this “Notice” and does not agree with the value they then have until September to file an appeal or have the option of completing the 2008-2009 “Prop 8 Reassessment” form.

A recent article regarding Proposition 8 was in the San Francisco Chronicle: Click Here to View