What is Proposition 8 and How does an Alameda County Home Owner Exercise Their Rights?
Proposition 8 passed in November of 1978 and amended Proposition 13 to reflect declines in value. As a result of this the Assessor is required annually to assess the value of property.
As a home owner you would fill out a form indicating the decreased value of your home based on comparables of sold property in your neighborhood. If the assessor agrees that value has declined, your property taxes would be re-assessed at the lower property value.
You can fill out a form requesting your property's value be re-assessed and a call to the Alameda County Assessor's office regarding the form indicated that the form is different for the 2008-2009 fiscal year. Here is the link to the form. Decline In Value 2008-2009 Form: http://lcartolano.files.wordpress.com/2008/04/decline-in-value-08-091.pdf
Property owners who believe their property value declined in 2007 should complete the 2007-2008 form.
To access a comprehensive Q&A package directly from the Alameda County Assessor's Office go to http://www.acgov.org/forms/assessor/decline_market.pdf . In addition, Alameda County has a terrific website for a property tax glossary. http://www.acgov.org/assessor/glossary.htm
The Assessor's Office also stated that they are aware of a "decline" with current market values and are therefore reassessing the value of properties that sold in 2005, 2006 and 2007. The Assessor's Office will be sending out a "Notice of Assessed Value" to property owners in July of 2008. If the owner receives this "Notice" and does not agree with the value they then have until September to file an appeal or have the option of completing the 2008-2009 "Prop 8 Reassessment" form.
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Good post Pam. I am looking into this for my own parents out in the Palm Springs area. I have had a few clients lately that I have been running comps for and they are submitting the decline to the county to reduce their taxes. Seems only fair.
Kim....I heard yesterday that our county is doing an automatic on this and if the homeowner is unhappy they can do an appeal.
Also, here is link that Chicago Title provided that has forms for some of the counties within the state. Hope it helps. www.CTCProp8.com
Thank goodness!!! What a superb propostion. I honestly don't have any idea if we have legislation like that here in WA, but it is magnificent and I going to pursue some research on it..
(I can't imagine any owner not pursuing this..)
Sara.....thanks for weighing in. You may want to check with your county assessor to see if there is a reassessment program. good luck.
Pam, I have heard from someone who changed their assessed property values in CCC, if you have filed a request with comps suggesting your home needs to be reassed to a lower value, the accessor will from that point forward change your assesed value property value as market conditions change vs how it currently would change with proposition 13. As I said, I really do not know. AJ
Pam, good post, I have the forms saved in my computer and send them to anyone who wants them
Excellent topic, well-written post. This is a very sensitive issue now locally and it's great to see that you're in the midst of helping people deal with it.