PROPOSITION 8 — PROPERTY TAX RELIEF FOR HOMES THAT HAVE DROPPED IN VALUE
Proposition 8 –Property Tax Relief
California homeowners may or may not be aware of Proposition 8.
In 1978 California voters passed this constitutional amendment that allows a temporary reduction in the assessed value of their property when that property suffers a decline in current market value.
When, on January 1 of each year, the market value of a property falls below the assessed value, the assessor is obligated to review the property and enroll the lesser of the two values. If it is determined that the market value of the property at that time is less than the assessed value your property’s assessed value will be adjusted to the level of its current market value. This will result in a reduction of your property tax for that year.
To apply, contact your county assessor’s office. Some counties require the tax payer to complete a form requesting participation in the Proposition 8 outlined process, others will include you in the program based on information that you provide on the telephone.
Some counties have programs in place that review properties based on the purchase date. It is wise to contact them and ensure that your home is in the program. For more data go to:
http://www.boe.ca.gov/proptaxes/assessors/htm .
SCAM ALERT—NO FEE NECESSARY FOR THE VALUE REDUCTION
There is no reason to pay for a review that is required by law and will be performed FREE! Various private companies send mailings to property owners offering their services to pursue a reduction in the owner’s property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies even impose late fees if the application is received after an arbitrary deadline. Homeowners do not need the services of a private firm to seek a property tax reduction. State law requires county assessors to review all requests for property value reduction for FREE! |
Note that the reduction is not permanent. Each year on January 1 participating properties will be reviewed until their values return to the former Proposition 13 values.
If you do not agree with the assessor’s findings you may file a formal appeal with the County Assessment Appeals Board or the County Board of Equalization. These boards are independent bodies established to resolve differences in property value opinions between the county assessor and property owners.
For more information go to:
http://www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf
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