California Prop 8 Reduces Property Taxes

[Stinkerbell]

For all you fellow Californians out there who are property owners and know that even with the decline in property values our taxes are still being assessed at the higher rates, there's some relief for us...

"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."

Each county has it's own claim filing process, so do a web search for your county's Tax Assessors Office and find out how to file.  The average savings in CA is over $600 per year at last check and with values continuing to decline, it's probably more than that now.

It's very easy to file on your own.  There are companies who will charge you upwards of $150 to do it for you, but you can do this yourself.  They will either send you the forms, you can download the forms, or some counties even have online filing.

I don't know about you, but what we Cali's pay in property taxes is beyond outrageous so I want to save $$ whereever I can.  I hope you guys will check into this, it's worth the few minutes it takes to file.


Frequently Asked Questions

Q. Do properties other than single family residences qualify?


A. Yes. All real property qualifies.


Q. What is a comparable sale?


A. A property sold with features that are similar to your property is a comparable sale. Comparable sales information helps you analyze the value of your home. For example, a property similar in location, zoning, size, number of bedrooms and bathrooms, age, quality and condition to yours that sold in the open market is a comparable sale.


Q. Where can I find comparable sales information?


A. A good place to start is online. The Assessor's website offers sales information for properties that have sold within the last two years. The same information is available from any Assessor District Office. Also, many websites offer sales information free of charge. A local real estate agent or title agent can also be a valuable source of information.


Q. I filed my Proposition 8 Application by December 31. When and how will I know if my value will be reduced?


A. You will receive notification by mail before July 1.


Q. If my assessed value is reduced, how long will it last?


A. Proposition 8 reassessments are not permanent, but last at least one year. The assessed value may decrease or increase depending on the market value of your property on January 1 of each subsequent year. Your assessed value will never increase more than the trended base value. It is important to remember, however, that base year values suspended by Proposition 8 reassessment values continue to increase by an annual inflation factor of no more than 2% per year.

[gator8_24]

I was living out there at that time  arab.gif that's my gas money!

[Stinkerbell]

The proposition became part of the CA Constitution and it's every bit as valid today as it was when it was passed.

Why in the world would you have ever left CA?   :))

[casahilo]

Californians leaving California are the reason I left Oregon.
Don't californicate Oregon.

[Squid]

I lived in California for ten years and had to move, temporarily, to Seattle, Washington.   Because of the California plates on my car, which I was not going to change, people in the Pacific Northwest were sooooo rude.  They hate the Californians who are moving to their states (Oregon and Washington) because the Californians couldn't afford their own state anymore.  They claim the people who were relocating were ruining their economies and opportunities.  I wasn't staying in Seattle but couldn't get over how horrible they were simply because of my license plates!

[gator8_24]

Why in the world would you have ever left CA?   :))

One word-   earthquakes, esp. the '89, made a mess of my house inside. Outside was okay, but I was so nervous after that, even closing the garage door (which was manual) made a little rattle in the house.  I had no fingernails after that, so when we m oved  now have n ice nails. (referring back to a locked post, I also have a weird typo, for some reason I hit that space bar when not needed)  I didn't correct it now just ot have proof. lol

[Mary]

I live here in cali the prices are so high now hard to make ends meet.. gas over 4.80 a gallon even for cheap gas and food is sky rocketing there is nothin cheap here  !@#$

[casahilo]

Squid
Sorry you were treated rudely in Seattle. No excuse for that. But people moving north did have a detrimental effect on our economy. Home prices were so high in CA that people sold there and were able to buy two houses in Oregon. rent increased, pay did not. My town of 1500 people is now 75,000.
Jags and beamers every where. It took 20 years for the job market to catch up but there are more high paying jobs now. I'm an open spaces kinda guy.
Thats why I like it where I am now. SOTB
:"

[Squid]

Thanks, Casa, I appreciate your kind words.  The last day of my job in Seattle, I showed up to work with my car packed to the roof.  I had already vacated my apartment and what couldn't fit in my car was shipped earlier.  Within 30 seconds of my job contract expiring, I was on Route 5 heading south for San Francisco.  I couldn't leave that place fast enough. 

As a matter of fact, when I realized it was my car's license plates that was causing all the rudeness in Seattle, I wrote on a piece of paper in BIG block letters a message, which was encased in plastic and attached to my car right next to my license plate.  The note read:


DON'T WORRY, I'M LEAVING.

The rudeness dropped considerably after I did that.