174 Avenida Miraflores Video

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How to cut your Property Taxes!

     The slump in Marin County home sales has resulted in an increase of homeowners requesting the County Tax Assessor to reduce their property taxes.  Joan Thayer, the County Assessor-Recorder, reported that her office has already received 150 requests this year up from 90 requests in 2006.  Thayer says, “the increase in request is a reflection of a sharp drop in local real estate sales and a leveling of Marin home prices. And, the County is required to reduce the tax value of property when it finds instances where declines have occurred.”
     Thayer also said, “likely candidates would be those homes purchased in the past year or two.”  For most Marin homeowners, the tax value of their home is far less than the market value.
     For property owners that want a review of the tax value of their current property tax bill may contact the Marin County’s Assessor-Recorder’s office by calling : 415-499-7215
     In California, property taxes are based on the assessed value of a home.  The assessed value is usually limited to the purchase price,  plus an inflation factor not to exceed 2% per year, plus the cost of room additions or other new construction.  This is also know as “base-year value.”
     Proposition 13: limits property taxes to 1% of assessed value.  Some communities have approved additional taxes for schools or other projects.
     Proposition  8: Passed in 1978 allows for a temporary reduction in assessed value when a property’s market value on January 1st is below the base-year value. (Proposition 8 reductions are temporary)
     Informal Review: Homeowners who think the value of their home on January 1st is below the assessed value can ask their county assessor for an informal review.  The assessor, using sales data as of January 1st for comparable homes in the neighborhood, will determine whether or not a temporary reduction is warranted. The homeowner may submit their own comps.
     Appealing an assessment: If the homeowner and assessor cannot agree on a value the homeowner can file a formal appeal with the county’s assessment appeals board.