Who said that there is no such thing as free money? OK, well maybe it's 'hidden' money. One of the few silver linings (dare I say benefits) of this 'transitioning market' is the ability to reduce your property tax liability. As your property tax payment comes due and payable this Thursday, I have a some potentially good news that the county is not exactly promoting.
As a result of the recent decline in the housing market, the California Revenue and Taxation Code Section 51(a)(2), under Proposition 8, allows for homeowners to request a reduction in property tax if the fair market value of their home is lower than the assessed value as of lien date January 1, 2008.
Properties that will have a drop in value are those that were most likely bought in the last few years. Those homes bought more than four years ago are unlikely to have dropped in value.
There are several opportunistic companies that have popped up to help facilitate the process; some for a hefty fee. As your neighbor and REALTOR-advocate, I have a tip.... it's actually quite easy to do it yourself - and I can help.
The process is fairly simple. First, you must download and complete this form. It is recommended that you submit the form along with supporting documentation. This may include sales comparables, appraisals, listings, written value estimates or information about the condition of the property.
Please feel free to contact me to discuss the current state of the market or to provide you with the supporting documentation you need to submit your property tax reduction request.
I am here to help.
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