Do you know how much your home is currently worth? Is that amount lower than the assessed value of your home on which you are taxed? As it turns out, Sacramento County allows its residents to apply for reassessments based on declines in market values via Prop 8. Prop 8 reassessments are temporary reductions in the assessed value of your home. Here’s how it works:
Property owner provides Assessor with facts they feel justify a reduction in value and requests a review of the property’s value. (The Assessor may initiate the review if the problem is discovered independently*.)
Appraisal staff reviews market data, estimates the property’s market value as of January 1st and then compares this market value to the property’s current Prop 13 factored base year value.
If the January 1 market value is below factored Prop 13 value, then:
- Assessed value is lowered to market value for next fiscal year.
- Owner is notified of reduced value.
- New tax bill is based on lower value for next fiscal year.
- The following year, Assessor repeats process and enrolls the January 1 market value at that time or Prop 13 factored value, whichever is lower.
If January 1 market value is higher than factored Prop 13 value, then:
- No change in assessed value is made, and
- Owner is notified that value will not be reduced.
- If owner still feels value should be reduced, then owner may file an assessment appeal with the Assessment Appeals Board, from July 2nd – Nov 30th each year.
- Appeals Board hears evidence from owner and Assessor; the Board then determines proper assessed value
*The Assessor may also initiate the Prop 8 process without a request from an owner.
THERE IS A DEADLINE! All applications must be filed by 5:00 pm on November 30th to be considered. There is a non-refundable $30 application fee. You’ll need to fill out THIS FORM to apply.
Need help figuring out your current assessed value and/or market value? Give me call! I’m happy to be your real estate resource.
From the first time buyer to the savvy investor – from the seller with equity to the seller underwater and needing options. I am here for you.
Mobile: (916) 208-4347 Fax: (916) 684-7706
LinkedIn: linkedin.com/in/JessSellsHomes DRE: 01878401