If you purchased your home in the past 7 years - you may be able to reduce your property taxes. Simply submit the 1 page Informal Review Form before April 30, 2011
THERE IS NO CHARGE TO FILE A REQUEST OR TO HAVE YOUR PROPERTY’S VALUE REVIEWED BY THE ASSESSOR
You will need 3 comparable sales showing the value of your home. The sales must have occured before March 31, 2011
Get the REQUEST FOR INFORMAL ASSESSMENT REVIEW form from the Orange County Assessor at the link below: (Note: the form asks if you have a "Property Tax Agent representing you" - that is NOT us - that is used if you are paying an agent to represent you, otherwise leave it blank.) THE DEADLINE TO FILE THIS FORM IS APRIL 30, 2011. Pick your type of property and a form will come up that you can fill in online.
View an informative Q & A from the Orange County Assessor at:
To receive FREE comparable sales information to use for your Property Tax Review, we are happy to help you or your friends and family, go to:
YOU WILL THEN RECEIVE YOUR VALUATION NOTICE FROM THE COUNTY IN JULY
If you still believe your property value is incorrect after reviewing your value notice and factual evidence, your next step is to consider filing an assessment appeal. Forms are available at most County Libraries and are in a downloadable format at: www.oc.ca.gov/cob/
YOU MUST FILE BY THE DEADLINE OF SEPTEMBER 15, 2011
What Happens to your Property Tax Values When the Economy Recovers?
As the housing market improves and market values begin to rise, properties that received reduction due to lower market values may see increases above the normal 2% to reflet the actual market value. Therefore, homeowners may experience increases in their properties’ assessed values in future years until full recovery is reached. Although these increases may be substantial, they may never exceed the property’s initial base value plus any added improvements value and a maximum 2% per year CPI inflation factor. The total of these three elements is called the "indexed value." This indexed value remains your actual taxable assessed value.
The good news is…….although assessments will increase, as the market recovers, you were able to avail yourself to temporary reductions during the economic slump. Then your property value will have increased.
