Sunday, September 16, 2007

Home Value Declining? Learn to Reduce Your Property Tax

If you have purchased a home here in the San Fernando Valley in the past 12-18 months, it’s possible your homes value is below what you paid. You may be eligible to temporarily reduce your property tax by filing “Decline-in-Value Reassessment Application (Prop.8).”

The form states that it must be filled by December 31, 2007. You can contact the Assessors office by calling 213-974-3211 or 1-888-807-2111 or visiting the Assessors site by clicking this link: http://assessor.lacounty.gov/extranet/default.aspx

More about Proposition 8: Proposition 8 allows a temporary reduction in assessed value when property suffers a “decline-in-value,” which is authorized under Section 51 of the Revenue and Taxation Code. A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1, 2007. Please provide information that supports your opinion that the market value of your property is less than the assessed value. The best support includes information on sales of comparable properties. You should select two comparable sales that sold as close to January 1, 2007 as possible, but no later than March 31, 2007.

Source: Los Angeles County Assessors Office

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