Informal Appeal Property Tax Information(Prop 8 Decline in Value Review)
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Often, a taxpayer’s first step in challenging an assessment is simply to discuss the matter informally with the assessor’s office. The taxpayer should request an explanation of how the assessment was determined and inform the assessor of any facts that may affect the value of the property.
An Informal Appeal can include:
1. Review and discussion of the assessment with the Assessor’s Office.
2. Discussion with the Deputy Assessor’s supervisor.
3. Informal exchange of relevant market data with supporting analysis.
Voluntary reviews by the County Assessor of residential properties
The County Assessor’s Office annually reviews the assessed values of residential properties prior to enrolling annual assessments. It determines if a property’s current assessed value needs to be reduced if the amount is greater than its market value. Prop 8 reviews are designed to ensure that taxpayers receive fair and equitable assessments. However, many properties are overlooked and fail to be assessed in relation to annual changes in market values.
A Prop 8 review compares the January 1 market value of a property with the January 1 assessed value (Prop 13 factored base year value). If the assessed value is above the January 1 market value, a Prop 8 reduction is applied. The market value is determined by using comparable sales of similar properties that sold close to January 1, but no later than March 31. A comparable sale is a property with similar features (size, age, quality, and location) that sold in the open market.
Prop 8 Review Process & Filing
The review to determine which properties qualify to receive a value reduction is usually completed by late June. New enrolled values are available from the assessor in early July. Property owners may also receive value information by calling the Assessor’s Office during regular business hours.
If a property is not considered in the annual Prop 8 review, or the Assessor reviewed the value and you disagree with the results, you need to file a formal Application for Changed Assessment. Reductions to assessments are considered voluntary.
Requests for review applications can be submitted to the local County Assessor’s Office.