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What is Proposition 8?
In 1978, voters approved Proposition 8 in California value, establish a constitutional amendment to Proposition 13 that allows a temporary reduction in property value, when it suffers a "decline". An impairment exists if the current market value of a property falls below the estimated present value. An impairment is leading to lower property taxes often saves the owner assessed hundreds, if notThousands of dollars each year. Because of recent market conditions of assets, almost everyone who bought a property in California in recent years, an increase of 8 Proposition performance and save money by reducing property taxes.
In this sense, if you are a homeowner in California, are acquired between 2003-2007, your property tax is probably too high! Many landlords do not know that Proposition 8, are entitled to submit aAppeal to their homeland have verified more accurately reflect property values lower than today. Bill owned a home owner taxes based on the estimated value of the house, reducing the value estimated a yield reduction of property tax!
The time for California homeowners turn on a revaluation of their property for fiscal year 2008-2009 files. There are 58 counties in California and every region has its own time lines, rules and regulations. Property owners concerned shouldContact a specialist, similar to the value of research in preparing for your appeal for help and, most likely, by which property taxes. Why pay more taxes than necessary? Not to mention it's free!
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