I am constantly asked by friends and clients if they qualify for a property tax re assessment. With the decline of values in our local real estate market, many home owners do qualify.
According to the San Diego Tax Assessor’s web site, you do qualify for tax relief if your property’s market value has fallen below its assessed value. If you do not know what your property’s current assessed value is, you can find it in the upper right hand corner of your current tax bill.
Because of proposition 8 ” a temporary reduction in assessed value can be made when the market value, as of January 1, 2009, falls below the assessed value.”
If you qualify to have your taxes reduced, the assessors office will continue to review your property value annually. In the event your value increases, so will the assessed value. However, the assessed value will not be increased higher than the original assessed value.
Beware of companies who are soliciting you to pay them for assistance in having your taxes reduced. Although, they may be able to help, you do NOT need to pay for this service. The application is simple and the deadline to submit it May 30, 2009. Property Tax Relief Application
As part of the application process you will need to provide the county with comparable sales for your home. Contact us and we can easily provide you all the information you need to fill out the simple application.
You can expect to be notified by early July of the status of your request. If at that point you still disagree with the assessed value there is an appeals process you can go through.
Dont miss this great opportunity to reduce your taxes. It will only take a few minutes of your time and can save you hundreds of dollars. If you have questions, need help with the application or need comparables for your home contact us directly, we are happy to help.
Jennifer Teti-Burroughs is a full time REALTOR with Exclusive Properties in Rancho Bernardo. Jennifer is part of a team of top performing agents. If you would like to speak with Jennifer directly, call her at 858-521-7277 or email her at [email protected]. www.SanDiegoOnTheMove.com