San Diego Home Info by Gretchen Pagnotta
Propositon 8 Helps Home Owners Who Purchased During Peak Market Periods
Many people are unaware of a new State Law which is called Proposition 8. Under this new law, property owners that own homes that have fallen below their assessed value can request a temporary reduction in their tax bill. When the market value as of January 1, 2012 falls below the assessed value established by the the Assessor’s Office, home owners can file for an Application for Review of Assessment prior to April 30, 2012. They must complete this form and also provide data such as comparable sales, a recent appraisal and/or current market activity. The closed sales need to be of similar properties and ideally occur between 10/1/11-3/31/12. Many neighborhoods have had a significant impact on values due to short sales and bank owned properties selling at very low prices.
The Pagnotta Team May Be Able To Help You
If you have interest in doing this we are happy to help you! Just contact us with your address and we can send you closed sales that are most like your home! You may receive solicitations for people who will charge you for this. A homeowner can easily complete the form and if you live in our service areas we will help you with closed sales. For further information please go to: www.sdarcc.com.
To determine your assessed value refer to your current tax bill focusing on the upper right hand corner.
It is important to note you still may disagree with the response you receive from the assessor. At that time you can pursue your requests by filing an application with the Clerk of Assessment Appeals between July 2 and November 30.
Further information can be obtained here.
If you need our help with a list of closed sales please contact us at [email protected]
This is not intended to be tax advice. Please consult your CPA or tax professional to obtain tax advice.