Proposition 8 – What is it? Will it save you money?
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.
If you purchased your home or investment property during or after 2003 your current assessed value may qualify for a reduction. Spring is the time to utilize Prop 8 and start saving money on your property taxes! One client I counseled recently will save over $135.00 per month on their property taxes.
You can save about 1.25% for each dollar of reduced assessment. For example if your property assessment is reduced $100,000 you will save $1,250.00 per year or just over $100.00 per month.
The best information you can provide the county assessors office that supports your opinion of the market value of your property is closed sales of comparable properties. Try to find two co
mparable sales that sold as close to January 1, 2009 as possible, but no later than March 31, 2009. While the submission of sales is helpful in determining the market value of your property, applications submitted without comparable sales will be accepted and processed according to Los Angeles County tax assessors web site.
Los Angeles County webpage
re: Prop 8 - http://assessor.lacounty.gov/extranet/guides/prop8.aspx
Download the form to submit your decline in value from the link below.
http://assessor.lacounty.gov/extranet/lac/control/binaryget.aspx?uploadid=193
If you need help finding comparable sales, please email me with your complete name(s), contact info, the property address('s) and the current assessed value located on your tax bill. We will research values and respond with the best possible comps to lower your assessed value.
Thank you, for the opportunity to be your real estate asset and resource. I look forward to continuing to provide strategies and tools to make a difference in you life. I hope you'll contact me when you hear of your family, friends or work colleagues that are considering a move, preventing foreclosure, maximizing the sale ability of their property, relocating, securing great investment property, or just a question about real estate.
If your interested in a personalized list of bank owned homes, or interested in improving your current situation and exploring new beginnings please let me know. It will be a pleasure to assist you.
Evidenced by the past, the Assessor's office may not be able to reduce every property that is eligible for a reduction through Prop. 8. Sometimes when they do reduce property taxes, it isn't enough. The Property Tax Assessment Adjusters (ptaaonline.com) identifies properties that can be helped, and their complete service includes handling requests for review of assessed value, completing a detailed analysis of comparable home sales, as well as the formal appeals process, which includes attending and representing you at any hearings scheduled. While the process is something that homeowners can do on their own for no fee, legitimate stated licensed companies like PTAA exist to save consumers time on research, paperwork and representation, and tend to be more successful than homeowners in their reductions due to a high level of experience and more accurate data. In addition, PTAA is a member of the Better Business Bureau, meaning the company adheres to the morals and guidelines of running an ethical and legitimate business.
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