Will a Decline in Market Value Reduce My Property Taxes?
Now that the income tax deadline is past, there’s another important date to remember. If you purchased residential real estate in Orange County since 2000, you may be eligible for reduced property taxes.
As stated on the OC Assessor’s website, www.ocgov.com/assessor/, the Assessor will review the value of every property in the County between January 1 and June 2009, and will implement a temporary value reduction for all eligible properties. There is no charge for this service.
There is a question/answer feature on their home page that will explain the assessor’s process in determining property values and how you can appeal that decision. You can request an informal review if you believe that your Market Value is lower than your Taxable Value.
You can download the Request for Informal Assessment Review form from the website at www.ocgov.com/assessor/. Completed forms must be returned to the Assessor by April 30, 2009. You will need to provide up to three (3) sales or listings in your area that occur on or before March 31, 2009 to support your claim for a lower valuation. (Foreclosures may not be an indicator of market value.) However, if your neighborhood has a preponderance of foreclosed and bank owned sales, then your market value may well be dictated by those recent sales.
If you need assistance with obtaining the form or the necessary recent sales information, contact me at 714-932-5529 or email me at pat@patmonahan.com. Remember the deadline to file the review is April 30, 2009.
Tags: Market Value, Property Taxes, Tax Value
