According to California tax law, if the market value of a property is lower than its assessed value on the 1st of January, then the Tax Assessor can review the property and assign the lower property tax value of the two. The assessed value is based on the market value as established in 1975, or when the property was constructed for the first time, or when the property last changed hands. Given below are details of the whole procedure of lowering property tax.
Supporting Information
In order to get a property considered, you should have a decline in value report and request your County's Tax Assessor for a review. You can request a review for any type of real property, including commercial/industrial buildings, refineries, etc.
Regardless of whether or not the Tax Assessor's Office requires it, you should submit your case with factual information that supports your claim. The best type of information you can provide is about the sales of similar properties in your area. The value decline report should contain your property's correct present market value and supporting information about comparable sales in your locality.
Insufficient Information
Providing insufficient information will in the form of news articles or other reports that indicate a decline in property values will not help you lower property tax. This type of information does not justify a reduction in value. A value decline report should be an official report that supports in a factual manner what you say that the assessed property value should be much less on the basis of present market conditions.
Assessed Value
1) Duration
The new value enrolled by the Tax Assessor will last for at least one year; the reduction in value is only temporary. Keep in mind that the assessed value of your property continues to increase annually by no more than 2% (inflation factor) even during the assessment of your property using the value decline report.
The value decline report should be submitted for only the most recent 1st Jan, as the county assessor will not review information from previous years.
2) Disagreement
If you are not satisfied with the tax assessor's review, you have the option of appealing to either of the following boards: County Assessment Appeals Board, the County Board of Equalization. These boards can help you lower property tax as they are responsible for resolving property evaluation cases between owners and the county assessor.
Decline Value finds the current market value of your property and generates a Decline in Value report to help you lower property tax.
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