Friday, November 28, 2008

Adjusting Your Property Taxes to Reflect Declining Values

  • What is Proposition 8? Prop 8 was an early amendment to Prop 13, stating that the only reassessments that can happen at market value occur when there is a change of ownership or a new construction. Until one of these events happens, assessments can only increase by the consumer price index and this can be no more than 2%.

  • Why wasn't my property reduced? Santa Cruz County has a very complex and varied real estate market. Wide spread reductions are very difficult

  • What if I think my assessment is too high? The Assessor has a one page form which may be submitted as a "Request for Reappraisal".

  • When must I file a request for review? A request can be submitted at any time and the Assessor has the authority to reduce the current year's assessment.

  • What happens when the market recovers? ...

To get further answers to all of these questions and more please visit the Santa Cruz County Assessor's Website at http://www.co.santa-cruz.ca.us/tax/prop8pam.htm

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