Lower Your Calabasas Property Taxes
September 8th, 2010 Categories: Calabasas Saavy, In The News Calabasas
“So do you want the bad news or the good news first?”
Cut your Calabasas Property Taxes
The bad news – If you purchased your Calabasas home between 2004 and 2008, your property value has probably declined. But there is some good news and relief for homeowners. CA Proposition 8, Decline-in-Value allows for a temporary tax reduction in the years where the fair market value of the property is lower than its current adjusted tax base.
The LA County Assessor’s office has already reassessed the values of 583,000 homes that were purchased between July 1, 2003 and June 30, 2009. Tax bills have been reduced an average of $1,800 for owners of single-family homes and $1,500 for condo owners.
Calabasas experienced a 1.7% decrease in assessed value. A quick check of about 20 Calabasas homes showed that yes in deed, the values were automatically reduced. But were they reduced enough? The only way to know is to log on to the Assessors website and enter your address. If your property had a 2010 Assessor initiated review, you’ll see the details of your taxable value. If your property was not reviewed, it will say, “Our review does not support a 2010 decline-in-value reassessment.” Either way if you don’t agree with the assessed value you can file for a decline-in-value or appeal.
If your property was not reviewed for a decline in value, you must prove that on January 1, the market value of your property was less than its current assessed value. In order to do this, you need to file a Decline-in_Value Review Application with the Assessor between June 1 and November 30.
On the claim form, provide the Assessor with the information that supports your opinion that the market value for your property is less than the assessed value. The best supporting documentation is information the sale of comparable properties. You should select two comparable sales that sold as close to January 1 as possible, but no later than March 31. There are several websites that will provide you with this sales information for homes similar to yours or just call me and I can help you determine which homes best meet this criteria.
An appraiser will review your claim form and the information that you provide. If you disagree with the Assessors findings, you may file an appeal with the Assessment Appeals Board. You must file your appeal between July 2 and November 30 for your annual tax bill. Either way, it’s important to file a decline-in-value or appeal by November 30.
Be wary of scams asking for money to reduce your property taxes. The decline-in-value form is only one page and relatively easy to complete yourself. If you need help completing the form or find appropriate comparable Calabasas home sales, please call me at 818-652-2937. But hurry, the deadline for filing a decline-in-value is November 30, 2010.
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