Property Tax Reassessments in Long Beach & Southern California
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Owners of Long Beach Real Estate and other Southern California Real Estate need to contact the County Tax Assessors office as soon as possible to have your homes and condos, as well as any other real estate holdings, reassessed to todays new market values and have their property tax liability reduced. Currently property taxes are based on .125% of purchase price and are then adjusted over time, based on assessed value.
Recently consumers have been inquiring "When will our property taxes be reassessed to the new and lower market values?" Well that is an excellent question and one that was recently addressed in an article in the NY Times, 'Taxes Are Reassessed in Housing Slump'. The article states:
"in 2007 roughly 1,800 homeowners asked for reassessments in Los Angeles County, far above the average of about 500, yet far below the tens of thousands of homeowners inLos Angeles who looked for tax adjustments during someyears of the downturn in the 1990s."
1,800 homeowners is a small fraction of the residents of the Southern California and Long Beach Communities. Reduce your tax liability, contact the Los Angeles County Tax Assessors office as soon as possible to begin the process.
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. Information on Proposition 8 can be found here.
If you disagree with the assessed value of your property, you should contact the Assessors Office to request a review of the value. If the matter is not resolved to your satisfaction, you may then file an appeal with the Assessment Appeals Board.
Links to other relevent Government Sites:
- Kern County Assessor
- Orange County Assessor
- Riverside County Assessor
- San Bernardino County Assessor
- Ventura County Assessor
- California Assessors' Association
- Direct Assessment Contacts
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| Laurie MannyLong Beach Realtor (562) 212-5420 |
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Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803 |
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· http://beachcityrealestateinfo.blogspot.comIn the 90's I had my property tax reassessed at a lower amount for almost 5 years. All it takes are 3 good comps from the County Tax records.
Permalink January 07, 2008 03:08:00 · http://www.lauriemanny.com/Good to know Kaye, thanks. Owners should also keep in mind that the county needs meet budget requirements, if the reductions in property taxes put the county budget into the red the tax rate will likely be raised.
Permalink January 07, 2008 03:49:26 · http://www.appraisalsolutionscorp.comHow ironic Laurie, I was just having this conversation with my folks this evening. People should definitely exercise their right to reduce their tax burden. Determining market value will be difficult though. The decline is so sharp in some areas that even if a comparable sale is only 3 months old, the price it sold for is still be too high for buyers today. Hard data along with absorption trends combined with sound logic will be key in maximizing their effort.
Permalink February 01, 2008 23:11:58 · http://www.lauriemanny.com/Michael, That would also explain the problem with pricing property properly to sell in todays market. Since it sits for much longer now, the value 90 days after listing no longer resembles the value when listed. Trying to explain this to sellers can sometimes be like herding cats.
Permalink February 02, 2008 01:18:21This post has no comments awaiting moderation.
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