Who wouldn't like to save tax money? There is a simple LEGAL way to save money on your property taxes for those who are suffering from the current declining market values. All you need to do is take advantage of Proposition 8, which was passed back in 1978.
What Prop 8 states is that "state law provides for a temporary reduction of the assessed value of real property if the market value of the property as of January 1st is less than its assessed value." If you believe that the value of your property as of January 1, 2007 is less than the total assessed value for the 07/08 tax year, you can fill out a simple form and return it to your County Assessor Office. The Assessor's office then does a review of the information, using current comparable sales to determine if your home has declined in value since the previous assessment and adjusts your property tax accordingly.
Keep in mind that this is a temporary reduction, and your taxes can and will rise as home values again rise. For more information check with your county assessor website, or call your local Realtor to see if they can help you find the form needed. Here is the link for Solano County residents- call or write me if you need comps to send in with the form.
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