11/12/2007

Property Tax Reduction

Don't pay more property taxes than what your current market valuation indicates. If you bought property 2 years ago, or less, then you probably want to keep close track of your local selling prices for properties similar to yours. For information on how to apply for property tax reduction, go to the Los Angeles County Tax Assessor's site located at the right column and download the form. You will need to provide certain information about sales within a certain time period for this year, plus get the form submitted by the date stated. For sales information to help you in this process, contact me, I will be happy to help you in your market sales information.

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3 comments:

Anthony said...

I have been searching for property tax reduction advice based on the decline in values of my home in los angeles county. I'm sure I qualify for a tax reduction for my property, but I hear its a time consuming and long process. In your experience in real estate, is this something I should do myself or like my taxes find a professional to do it. I've found business like http://www.cataxrebate.com or http://prop8pros.com who offer to do the entire process. Worth the fees they charge?

Julia Huntsman said...

Anthony, I don't know what your tax savings might be, and I don't know what those sites charge, but I would recommend you go to your local county tax assessor's site first for the form and do it yourself. It's not that hard or difficult, and you can either find the necessary comparable properties on the tax records, or another public site, or ask a Realtor to help you find the comparables. If you're in Southern California, please contact me for possible comparables.

Julia Huntsman said...

And here is some updated info on 2/5/09 from California Association of Realtors about "scams" on doing property taxes:
"The Los Angeles County Assessor's office is alerting homeowners that various private companies are sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. The companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies also are imposing late fees if the application is received after an arbitrary deadline. Solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law.

"In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on a property owner's most recent property tax bill. Typically, an application from the property owner is required to initiate a review of the property's value by the Assessor."

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