Tax Reduction Deadline***

California property values are not skyrocketing at the moment.  At the best, they are remaining steady, but in many areas of the state, they have declined.  California voters approved Prop. 8 in November 1978 that allows for their property taxes to be reduced when the market value is lower than the factored based year value for that year.  Each county assessor has the authority to undertake such informal reassessments at the request of the property owner. The great thing is, you do not need a formal appraisal to make this application. You include your estimate of the property’s value, and you can come up with that number based on finding comparable sales in your neighborhood. Many an internet site is available to give you an idea of those figures. 

The “Informal Request for the Decline in Market Value Reassessment” is a simple one page document unique to each county and each county has its own deadline. (Some of which are on December 31st.) To get the details on your county, go to your assessor’s website  or call. You may find a list of county assessors at this site:
http://www.boe.ca.gov/proptaxes/assessors.htm

This is not an official reassessment of your property, although you may want to consider that process if property values continue to decline in your area next year.  In that case, you will want to file a property appeal for the 2008/2009 tax roll year.  You will need to file an “Application for Changed Assessment” form with your county Assessment Appeals Board by September 15, 2008.