California Tax assessments to go down

If you own a home in California, chances are the assessed value of your property just dropped.

County assessors statewide are releasing this year’s property tax rolls – the total assessed value of all properties in a given county – and most are lower than last year.

Last year marked the first time most counties saw property tax rolls drop since voters approved Proposition 13 in 1978. That’s because the market value of many properties dropped below the assessed value. In such cases Proposition 8 – a tax measure passed as a companion to Proposition 13 – requires assessors to temporarily lower the taxable value of properties until the market value climbs again.

Market values have continued to plummet, and as a result, most county assessors have continued to lower the taxable value of properties in their region.

This year, there is a second factor at work as well. Under state law, counties are allowed to raise property taxes by up to 2 percent a year as long as the overall cost of goods and services is rising – in other words, during periods of inflation. In a time of deflation – when the costs of goods and services are falling – they are required to lower property taxes.

For the first time since 1978, that scenario is playing out. So even homeowners whose property is still worth more than when they bought it will see a quarter percent decrease from last year in its assessed value. That should amount to $2.60 less in taxes per $100,000 of assessed value, according to the State Board of Equalization.
Owners who want to see the assessed value of their property can visit their county assessor’s website. Many counties will conduct informal reviews if property owners dispute the assessed value. Owners can file an appeal until the end of November.

For more information or to receive a free market evaluation of your property in Orange County or Riverside visit our website at www.TheAragoneTeam.com or call us at 714-366-6117

Read more: http://www.sacbee.com/2010/07/13/2885972/california-tax-assessments-of.html#ixzz0tnyWsYDo

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About Aragone & Associates Realtors

President & CEO of Aragone & Associates Realtors at First Team. Director of the Trust & Probate division with years of experience in Real Estate Disposition. Mrs Aragone has represented many clients in the disposition of numerous of their assets. For over 13 years they have been privileged to be a part of many real estate success stories throughout Orange County – through increasing profits by obtaining higher sales prices, shorter marketing time, lower costs and added value with repairs and upgrades. Today they are recognized in the business community for their unique and innovative method of delivering professional real estate services to their clients. A method that goes beyond the traditional services that Realtors perform to one that is truly comprehensive; and that focuses on their clients needs as well as their personal and financial goals, all while providing value-driven advice as opposed to just selling a property. Paula Aragone and her Team have become Trusted Advisors to their clients and get to collaborate with many trust and estate attorneys, family law attorneys, financial advisors, Professional Fiduciaries, Executors, Successor Trustee as well as corporate trustees in the disposition of the real estate assets. Aragone & Assoc. has a Full-Time support staff including: Full-time Property Manager and Property Preservation Staff, Full-Time BPO/ Listing coordinator Department, Full-Time Account Receivable/Payable/Reimbusement Specialist, 1 Part-Time Administrative support team member, Full-Time Showing Agent.
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