Should Your Property Tax Drop?
You bought your house within the last three years and your home price dropped considerably. Should you appeal to the county to have your assessment re-evaluated? In these uncertain times, many home owners have had to face the fact that the current market value of their homes is less than they once thought and what they bought it for in the last few years. And yet most home owners continue paying high taxes and are unaware of the fact that they can appeal by contacting Assessor's Office.
How to Evaluate Your Assessment
The majority of taxing jurisdictions assess residential property based on market value and with each re-sale. However, assessments are generally not reviewed on the annual basis, so a property assessment will never be 100 percent market value. To compensate, taxing authorities apply an equalization ratio, which is designed to guarantee that assessments are relatively equal among different tax districts to all assessed values. Home owners can obtain their equalization ratio from local taxing authorities.
Check out and review your home value with your real estate agent or appraiser and if your home value seems out of line with current market values, the home owner might consider taking the following steps:
1. Visit the local Tax Assessor and request a complete copy of the home's tax records.
2. Pay particular attention to the market value of the comparables listed on the property records. The comparables would be recently sold homes.
3. Take the appropriate equalization ratio and multiply the market value you believe appropriate for the home by that rate. If the number is lower than the current assessment, you should file a tax appeal.
How to File an Appeal in Marin County
In accordance with the California revenue and Taxation Code, Sect. 26611.6 the taxpayer' rights are as follows:
If a Taxpayer disagrees with the assessed value as shown on the bill, the taxpayer has the right to an informal assessment review by contacting the Assessor's Office: mailing address: Marin County Assessor's Office, P.O. Box C, Civic Center Branch, San Rafael, CA 94903. Telephone: 415-499-7215. E-mail: assessor@co.marin.ca.us
If the taxpayer and the assessor are unable to agree on a proper value following the informal review, the taxpayer has the right to file an application for changed assessment. Time of Filing: Application for changes assessment for the regular assessment period must be filed between July 2 and November 30 of each calendar year. Forms for an application for Changed Assessment may be obtained by contacting: Assessment Appeals Board Clerk, County of Marin, Board of Supervisors Office, Civic Center, Room 329, San Rafael, CA 94903, (415) 499-7345. Michael J. Smith, Treasurer - Tax Collector
During these uncertain economic times, the effort of appealing a property tax bill reduction may be well worth the effort and time involved.
For your property current market valuation, please contact Victoria Wells, Broker Associate, Bradley Real Estate, 851 Irwin Street, Suite 104, San Rafael, CA 94901.
415-209-9020; vawells@comcast.net Http://www.MarinBestHomes.com
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