Reading this blog can save you thousands of dollars.

How? By lowering your property tax bill! How? By get your property re-evaluate by Tax Assessor! You might be able to reduce your property taxes as much as 50% or even more! Did you know that you can do that? In California we pay property taxes based on the purchase price, so if you purchased at the height of the market you can get your property re-assessed/re-evaluate.

If you purchased a home in California and your area is experiencing a decline in value, you can request for the Los Angeles County Assessors to re-evaluate your property to a lower assessed value. Thanks to Proposition 8 which amended Proposition 13.

............ "Proposition 8, passed in November 1978, amended Proposition 13 to reflect declines in value. As a result,..........requires the Assessor to annually enroll either a property's factored Proposition 13 base year value or its Market Value as of January 1 (lien date), taking into account any factors causing a decline in value, whichever is less....... reductions are temporary....... "When and if the market value of the previously reduced assessment (Proposition 8) increases above its Proposition 13 factored base year value, the Assessor will once again enroll its Proposition 13 factored base year value. Proposition 8 values can change from year to year as the market fluctuates up and down........"

For instance if you purchased a home for $600,000 your tax bases is 600,000 X .0125 which would make your yearly tax base amount $7,500.

If you get your property re-evaluate to, let say $300,000 X .0125 your property taxes would be cut in half to: $3,750.

Go to the Los Angeles County Assessor's website. There you will find all the forms and instructions necessary to have your property reassessed/re-evaluated.

You must file the form: "Decline-in-Value Reassessment Application (Prop. 8)" and provide comparable sales-there's a link where you can get comparable sales.

Tax Assessor's website: www.assessor.lacounty.gov.assessor.lacounty.gov.assessor.lacounty.gov

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