Are you paying too much in property taxes???
In light of property values having declined in our Region, you may be paying too much in property taxes. The Assessor’s Office realizes this and so they have sent out 57,000+ notices to home owners, typically who purchased properties in 2005-2006.
If you think you are paying too much, here is what you need to do:
1. Understand that your properly taxes for 2007 are based upon the value of your home as of January 1, 2007 (not current market value). Obviously now, your home is worth less, but that assessed value will be reflected on January 1, 2008, so your taxes should be lower in 2008.
2. If your assessed value as of early 2007 is still higher than what you think your home was worth on January 1, 2007, then you’ll need to provide two comparable properties to the Assessor’s Office to dispute your tax bill. This needs to occur by November 30, 2007. You will need to go to the Assessor’s website at http://www.assessor.saccounty.net/index.htm and then download THIS (pdf) file.
3. Your selected comparables must be as close as possible to January 1, 2007 and cannot exceed March 31, 2007.
4. Fill out the form and mail it to the appropriate address as listed on the form (link above). You must pay your tax bill in full, but if the Assessor’s Office agrees that your property was worth less than the amount they had assessed, then you will receive a refund. If they disagree with you, you can always dispute their findings if need be.
If you are not able to find comparable properties that sold in early 2007, then it will be important for you to contact the Assessor’s Office, a Real Estate Agent, or the best source, a local competent appraiser who understands your market.
NOTE: You can email this post to local friends and family members (especially anyone who purchased a home in 2005 or 2006) by simply clicking on the envelope just below.
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