Who says our declining real estate market isn’t benefiting homeowners? Hey, my property dropped 10’s of thousands already and it’s possible yours has too. It’s an odd down market, kind of like it was an odd up market. Anyhow, here’s what you NEED TO KNOW about the benefits of going down in value for San Diego Real Estate.
Our effervescent County Assessor, Gregory Smith, has a proposition for you, Proposition 8 to be exact. Between now and May 30th, 2008 you can apply for a Review of Assessment. What’s a Review of Assessment you ask? Here’s the skinny straight from the government:
“Under State law, Proposition 8, a temporary reduction in assessed value can be made when themarket value falls below the assessed value. Once reduced, the Assessor’s Office must then annually review the value of the property. When the property values increase, the assessed value will also be increased but no higher than the original assessed value (plus the annual CPI increase, not to exceed 2%, as required by Proposition 13).
Property owners who believe their property’s market value has fallen below its assessed valueshould file an Application for Review of Assessment with the Assessor’s Office as soon as possible but no later than May 30, 2008. They should provide their opinion of value andsupporting documentation, such as comparable sales, current listings, or a recent appraisal.For apartments or other income-producing property, income and expense information should also be provided.”
Property owners who believe their property’s market value has fallen below its assessed valueshould file an Application for Review of Assessment with the Assessor’s Office as soon as possible but no later than May 30, 2008. They should provide their opinion of value andsupporting documentation, such as comparable sales, current listings, or a recent appraisal.For apartments or other income-producing property, income and expense information should also be provided.”
You’ll need a solid Comparable Market Analysis of similar current listings, pending listings and what’s sold over the past 6 months. I would be happy to help you with this. I’ve got a PDF package ready to email or snail-mail out if you are interested. The PDF contains the Application and Instructions. It is REALLY simple to do this and mostly applies to properties purchased in the past few years.
Give me a call if you need help.
Travis Houston
858.232.2008
Travis [@] WestoftheFive [dot] com
May 7, 2008 at 10:11 pm |
[...] County Assessor’s Office is getting about 300-400 submissions for Proposition 8 a day. The cut off day is the end of this month. It’s great for people who have a lower [...]
June 4, 2008 at 5:07 pm |
I live in the San Elijo Hills area in San Marcos and bought my home for $955,000 in 2006. I had a company called California Tax Refunds do my property tax paperwork for the 2007 tax year and had an $185,000 reduction in my assessed value to $770,000. I received a refund check for around $2,000 and will continue to save that every year. I was a little skeptical at first but they are members of the BBB and are licensed Real Estate Appraisers and did a great job. I also liked the fact that they charge a flat fee. Give them a call, it’s worth it (858)-541-2400.