Lower Your San Diego Property Taxes

Did you buy or refinance a home in 2004-2007? If so, there is a good chance that your home is worth less now than it was then. If that is the case, you can get your property value reassessed in an attempt to lower your yearly property taxes.

Proposition 8 (passed by voters in 1979) allows a temporary reduction in property tax assessments. Basically, this proposition states that if the market value on January 1 of any current year falls below the assessed value (as shown on your property tax bill), the Assessor's Office must temporarily lower the assessment to reflect current value.

If you own a home in San Diego and believe the market value of your property is less than your current assessment, you can request a free Home Value Estimate from me at my website: San Diego Home Sales.

Then, you can contact the Assessor's Office for review of the information I provide. If supported by a decline in recent sales prices, the assessed valuation will be lowered to reflect current value. The Assessor's Office will then review your home on an annual basis each January 1st. When the market has "turned around" and the value has increased, the assessment of the property will also be increased (plus the annual 2% inflation factor mandated by Proposition 13).

Under no circumstances, however, can this increase in value exceed the original assessed value (plus the 2% inflationary factor compounded).

Proposition 8 provides necessary relief to owners whose property values have declined, while still retaining the ability to review and increase those values when market conditions improve.

Please call the San Diego Assessor's Office at 858.505.6262, or visit the San Diego County website for more information.

If you are interested in buying or selling, you can find additional information & search San Diego County Real Estate at my website.

Adam Pascu, San Diego Realtor
858.761.1707
info@adampascu.com
Team 73 Degrees
Keller Williams Realty