Property Tax (Riverside, San Bernardino: sales, real estate, assessor)

[thesunking]

Hi,

Ok, so I just got my mortgage statement and it shows that my impound account will require additional funds to cover the increase in property taxes to the tune of roughly 1200.00 more a year.

Although, home values (comps) in recent sales have fallen to a point where I find myself -200,000 in the hole and falling.

Should I be calling the County Assessor to have my property assessed or should I spend the extra dollar to find a good lawyer that can help in reducing my property tax?

[Ultrarunner]

Originally Posted by thesunking

Hi,

Ok, so I just got my mortgage statement and it shows that my impound account will require additional funds to cover the increase in property taxes to the tune of roughly 1200.00 more a year.

Although, home values (comps) in recent sales have fallen to a point where I find myself -200,000 in the hole and falling.

Should I be calling the County Assessor to have my property assessed or should I spend the extra dollar to find a good lawyer that can help in reducing my property tax?

Why not go online to your county Tax Assessor and download the appeal info to start?

Fill out the form listing the 3 lowest selling prices for homes like yours in your neighborhood.

I hear it can now take a year or more for appeals to be processed... there is no incentive for the county to speed up the process...

[Twinkle Toes]

I think you can reduce your property tax yourself without a lawyer. We did. All you need are two or three comps from a real estate broker of the most recent sales in your neighborhood. The county tax collector has a form you fill out and attach the comps to. They will let you know. We are in Riverside county and we had our property tax reduced.

[chuck22b]

Originally Posted by thesunking

Hi,

Ok, so I just got my mortgage statement and it shows that my impound account will require additional funds to cover the increase in property taxes to the tune of roughly 1200.00 more a year.

Although, home values (comps) in recent sales have fallen to a point where I find myself -200,000 in the hole and falling.

Should I be calling the County Assessor to have my property assessed or should I spend the extra dollar to find a good lawyer that can help in reducing my property tax?

Hi thesunking,
I would see if I can get the value re-assessed. According to Prop 8, if the value of your home falls bellow your Prop 13 Factored Base Year Value + 2%/year (ie, valued bellow what you paid) ... then you are allowed to have your property reassessed back towards market value Jan 1st of tax year.

Check out these links:

Riverside County:
Information &#149 Assessment & Property Tax • Riverside County Assessor-County Clerk-Recorder California (http://riverside.asrclkrec.com/ACR/INProp8.asp - broken link)

San Bernardino County:
Assessor - Review Due to Decline in Value Facts

hope this helps
-chuck22b

[thesunking]

Hi,

Many thanks to all, filled out the online application for Prop 8 at San Bernardino's website.

It appears that it will be a slow process and I'll choose to pay the additional funds up front to keep my mortgage note the same with out a increase.

Gotta luv it!