Home Values Decline: Get a Property Tax Break

If you have bought recently and now find your home is worth less than you paid, you should consider reducing your property tax. It's real money you can put back in your pocket.

How Does it Work

The Assessor/Recorder (415) 554-5596) will assess your property. Generally, the assessed value is the cash or market value at the time of purchase. This value increases not more than 2% per year until the property is sold or any new construction is completed. Then it is be reassessed.

If Your Property Has Declined in Value Since You Bought it.

If you disagree with the assessed value of your property contact the Office of the Assessor/Recorder at (415) 554-5596. They can provide you with information on how the value was established.
** If you still disagree contact the Assessment Appeals Board to appeal your property tax assessment.

Pay Your Taxes Even if You Disagree and Will Appeal

Pay your property tax in full by the appropriate deadlines; otherwise, you will incur penalties while the case is on appeal. If your appeal is granted, a refund will be issued to you.

Appeal applications

Under State law, if the market value of your property (recent comparable sales) as of January 1 falls below the assessed or taxable value as shown on your tax bill, the Assessor's Office 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 about the appeal process can be obtained by contacting the Assessment Appeals Board.

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

Thanks for Reading
Howard Bell
A 450 article real estate web site primarily focused on property management.

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