Home Values ​​Declined - pause Property Tax

How it works

The Assessor / Recorder will evaluate your property. In general, the estimated value is the value of cash or of the market at the time of purchase. This value increases not more than 2% per year until the property is sold or any new construction has been completed. Then it is to be reassessed.

If your property has declined in value since you purchased.

If you agree with the estimated value of your property contact your local Councillor / Recorder. They can provide information on how the value was established.

If you still disagree ** contact the Assessment Board of Appeals to appeal their property tax assessment.

Paying taxes, even if you disagree and turns

Pays property taxes in full within the appropriate time, otherwise, you incur penalties while the case is on appeal. If your appeal is granted, a refund will be issued to you.

Appeal applications

According to state law, if the market value of your property (recent comparable sales) from January 1 falls below the assessed value or tax, as shown on the tax bill, Office of the expert is required to lower the assessment. This type of property tax relief generally applies to recently purchased property. Assessment appeals maybe filed from July 2 to September 15 and information on the appeal process can be obtained by contacting a local councilor Office.

Real Money

The declining market value of your home is only a paper loss until you sell. If you plan to stay in the house for ten or fifteen years you can put a significant chunk of change back in your pocket while you wait for better times.