Under Proposition 8, if the current market value of a property falls below the current assessed value, the property owner is entitled to a temporary reduction in real property taxes.
Many homeowners are not aware of their rights under Proposition 8. Many of those who are suffering from a decline in value would benefit greatly from a reduction in property taxes. In some extreme cases, it might even help them avoid going into a foreclosure situation.
Although values have been rising since the summer of 2012, there may still be some of you that are paying too much.
If you believe that your property value has declined and that you are paying too much in property taxes, the local tax assessor will review the property value for free for a possible downward assessment.
Here at CBSR, we can help you determine if the value of your property has fallen below the assessed value.
Call us today for more information.