My property tax is 1.1% and my house is valued at $620K. However I know my house value is lower these days, maybe $575K, so how do I get the city to readjust it so I don't pay excessive property tax?
orange county, ca
2007-12-04 08:22:00 · 7 answers · asked by Mightie Mouse 3 in Business & Finance ➔ Taxes ➔ United States
let me clarify ... on the tax bill it states value is $620K.
2007-12-04 08:23:25 · update #1
Most counties have a process in place to dispute property taxes. With the market being down, people are selling their homes for less right now. This will bring down your value as well. You should dispute it and try to do some research first. Find out what the neighbors are paying. Most counties have a website where you can pull up tax bills. It is all public information. You have the right to know what the neighbors pay. I would check 4 or 5 houses in a one mile radius that are similar to your house and see what their tax bills look like. Also check recent sales in the area to see if values have gone down. Good luck!
2007-12-04 08:32:19 · answer #1 · answered by maderlu 4 · 0⤊ 0⤋
Contact you assessors office - they can tell you exactly how to protest your tax value. Some areas will only adjust if you can prove that the neighbors are valued lower than you not just because you think your value is lower. Remember that the last sale in your neighborhood may have been at the time of the last big boom and that's how the higher value was calculated. Good luck - California sure loves their tax!
2007-12-04 16:29:14 · answer #2 · answered by justwondering 6 · 0⤊ 0⤋
The value is set when title changes hands. The taxes are set at between 1.0% and 1.25% of that value. They may rise not more than 2% of the prior year's tax each hear. If the value has dropped, there's not much you can do about that in CA. The typical apeals processes are not generally available in CA.
If you have a Mello-Roos assessment levied based upon the FMV you might be able to get some relief on that.
2007-12-04 16:27:46 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Contact the county assessor's office immediately (before your first installment is due on December 10) and ask for a reassessment. Be prepared to document your $575K figure.
2007-12-04 18:16:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You need to build a solid case showing that your home has a true market value of $575k by using comparable sales of similiar homes and understand the appeal process for OC,, www.LowTaxRate.com is a free resource for homeowners to appeal their property taxes, best of luck to you.
2007-12-05 00:31:24 · answer #5 · answered by Ryan R 2 · 0⤊ 0⤋
most communties have a review or tax appeal board where you have to go and make a presentation to appeal the value imposed. Call your local office and ask how do you appeal your property taxes and they will give you the info and where and when you have to be for the presentation. You might have to have an appraisal done, but the tax appeal personnel will give you straight info, be patient this takes time and they might meet for months gl.
2007-12-04 16:26:50 · answer #6 · answered by donald e 4 · 0⤊ 0⤋
You can request a reassessment from the county Tax Assessor.
2007-12-04 18:24:23 · answer #7 · answered by npk 7 · 0⤊ 0⤋