Because of the mortgage crisis and falling house prices local government will hand out reduced tax assessments to 128,000 homeowners before property tax bills go out in October.
After a review of over 300,000 home purchases between 2004 and 2007 in California, officials decided to reduce tax bills by an average of $750 if a home's value sunk below "Proposition 13 limits" on January 1, 2008. Prop 13 assesses the value of a home at the time of purchase and increases up to 2% every year should the value rise.
A homeowner that bought outside of the review period can make a formal request for a reduced assessment by filling out a form at: assessor.(insert here your county name).gov, as an example: assessor.lacounty.gov, or call (888) 807-2111.
Tax Relief
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9/11/2008