The Orange County Assessor’s Office has announced that about 100,000 houses and condos and about 16,000 timeshares will see their property taxes go down next year because of declining home values. But the majority of the 570,000 homeowners in Orange County won’t get a tax break next year, even though home values have fallen on average 20 percent in the past 12 months.
Tax hikes during a housing slump are just the flip side of Prop. 13, the voter-approved tax-fighting measure adopted in the 1970s.
“A lot of people think that because the market value is going down, they should have their taxes lowered,” said county Assessor Webster Guillory (pictured left). “They don’t understand how Prop. 13 works. You’re not taxed on your market value unless your market value is less than your taxable value.”
The assessor’s office is in the process of analyzing home values for about 150,000 homes that sold between 2004 and 2007, which are most likely to qualify for tax valuation reductions, Guillory said. For the most part, taxes are still rising for people who have owned their homes at least since 2003 because their homes still are worth more than they paid. But people who bought their homes in 2004 or later may qualify for tax reductions because their homes are worth less than what they paid.
Tax assessment notices are due to be mailed within the next several weeks informing property owners of the taxable value assigned to their homes or businesses as of Jan. 1. The assessments then are the basis for taxes paid next November and February. Property owners can file appeals protesting assessments they think are too high between July 2 and Sept. 15.
Here’s more on your property tax bill …
Read carefully please to see if we qualify :-)
I protested my property taxes last year and won a small reduction, but had to spend a couple hours at the old courthouse and go in front of the review panel. The representative from the tax assessor said they were “required by the state” to raise our assessement even while values are falling. I knew he was lying through his teeth, but he had no remorse for overcharging recent buyers in OC. The clueless review panel had never heard of Zillow and had no idea how easy it was for anyone to pull comps on their own property. I should receive an even greater reduction this year, and hopefully they get my assessed value correct so I don’t have to deal with our distinguished county officials again.
I thought home values in the OC never go down.
I guess me and the realtors were wrong. If not, ask those 116,000 homeowners.
Ouch!!!
Too bad this doesn’t affect we who have bought in the Murrietta/Temecula area. But I negotiated a sweet deal on my condo so it’s all good. I only paid 20k above 2006 market value, which is nothing cuz my agent told me the market will be swinging back up at the end of 2008. By summer 2009 we will see prices up 50%!!! Then rants and I will be able to buy our dream getaway home in the caribbean….and it’ll be all the nekkid twister we could ever imagine! It’s on like donkey kong!!! In the mean time, I’ll just wait for my time here in America’s taint.
I hope all of the Bush tax cut haters remeber to refuse any property tax decrease. Their beleif in government spending wisdom should hold true at the local level too.
150,000 homes that sold between 2004 and 2007, which are most likely to qualify for tax valuation reductions.
So 150,000 homes are upside down?
Hey, Poggi. Glad to see you back in action today. You are funny. You should start your own murriettahousingblog.com. (Just remember to slather that sunscreen on before spinning the arrow on nekkid twister. LOL)
wow, maybe now deadbeat homeowners will actually pay their taxes? haha we can dream can’t we. maybe that’s why Guillory is smiling so big
When prices hit bottom, a recent buyer will want to sell and buy again to lock in the lower cost if at all possible. Otherwise they will face very hefty increases once the market takes off again.
So when the boom was happening, the “assessed values” went up but now that the market is going down, the taxable values aren’t going down accordingly???
Good job Liar Loan! If only more people were as bold as you!
Although the County Assessor’s Office is promising tax reductions to 100,000 homeowners, greater tax reductions can be granted to homeowners who individually file their own re-assessment appeals to the Clerk of the Board. Here’s why? The County Assessor’s Office only gives a limited tax reduction ranging from $200-$600 because it assesses your property, rather than appraise it. This assessment is based on a national average, but the value of homes in some neighborhoods have declined by more than 50%; homeowners in these neighborhoods should recieve more in tax reductions. If you hire an expert to file the appeals application for you for a reasonable amount of money, this is the best way to go. These experts are real estate appraisers who know how to evaluate and compare the final sales in the immediate neighborhood with an unbiased opinion. I recommend Pacific Coast Securities, an Orange County- based tax reduction company to file the application for you. I’ve searched around and this company is the cheapest, charging only $79 for their services. Visit their website at pcsappeals.com.
I purchased a home in Tustin in 2005. I did get a tax reduction, however, only 5.5%. This seems pretty low, I am debating to contest this value since 10% to 15% is more accurate.