When you take a look at property tax reassessments due to a “decline-in-market” from a 10,000 foot view (an overview) the process is relatively simple.
Step 1: Request an informal reassessment from your local Assessor’s office.
Step 2: Receive their response (approval or denial).
Step 3: If you don’t like the value given to you by your Assessor’s office then you can appeal the value with the local Assessment Appeals board.
Step 4: Receive the response from the Assessment Appeals Board.
It really is that simple – 4 steps to a lower property tax bill right? Well, not quite. There are 4 major steps but each one of these has to be done a certain way and by a certain time or else you will lose out on your ability to lower your property taxed under Proposition 8.
In a series of posts over the upcoming weeks and months we will be addressing each of these items in more detail.
As always, if you have any questions that aren’t addressed here please feel free to contact us directly.
Tags: reassessment
I represent a client whose property value has dropped $150,000 since he purchased the property in Jan 2006. I am assisting him with a reassessment of this property. Please advise.
Joyce Virtue, Broker Associate
Re/Max Real Estate Consultants
Ca Lic 01155911
74-199 El Paseo Dr., #101
Palm Desert, Ca 92260
760 861-1442
Joyce,
Your client is a prime candidate for property tax reassessment. How exactly can I be of assistance?