DECLINE IN VALUE – PROPERTY TAX RE-ASSESSMENT- SAVE ON YOUR PROPERTY TAX BILL!
There are not a lot of positives about buying a home and seeing that home’s property value decline. There is one bright side however and that is a temporary re-assessment of your homes value buy the Santa Clara County Tax Assessor. You can file a review every year before June 15th. You should receive a manila colored post card in the mail that states the Assessor’s estimated value and that post card will have all the directions and contact information. I will of course provide it all here for you as well.
I can try and attempt to explain the whole process, but our friends at the Santa Clara County tax assessors office have done a great job by creating an in depth power point presentation explaining every detail. I will just highlight some important matters to consider.
You can apply for a re-assessment for the next Tax Roll once the cards are sent out by the County in May 2009. That will be the assessed value as of January 1, 2009. File as soon as you receive the post-card, as last years response was so overwhelming, the assessors office cut off the early filing date.
If you need help, I can provide you with comparable Sales for your property, just send me an email. Comparable sales are what the Assessor uses to determine the market value of your property. This can be used as supporting documentation for the declining value of your property. Also keep in mind that this is a temporary adjustment and your prop. 13 value is still historically saved. Once your property’s value recovers expect that 2% increase every year.
Here is some information about Prop. 8.
Here is the link to that nifty Prop. 8 Presentation
Good luck sticking it to the man!!!