Reduce your property taxes in California

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What is Proposition 8?

1978, California voters passed Proposition 8 value, a constitutional amendment allowing the years has found that a temporary reduction in value when a property suffers a "decline-in-". A drop-in-value occurs when the current market value of your property is less than the estimated value on January 1.

If you have good reason to believe that the estimated value of your property is too high, making application of"Decline-In-Value Reassessment (Prop. 8) form with the Office of the evaluator, as allowed by Proposition 8 is usually the first step. Registration is free from the Head Office are available, and there is no fee for submission. The deadline for submission of this form in San Diego County is May 30, 2008.

You will receive a notification from the Assessor any changes are made in the estimated value of the property by the Assessor. The adjustments referred toestimated value is applied to the next tax period. For example, if an application in February 2008, the results presented in Figure Reduced to evaluate the new value is reduced evaluated annually His fees for the years 2008-2009. The years 2008-2009 cover the fiscal year July 1, 2008 June 30, 2009. If the Office informs you Assessor ITS decision on your request for "Decline-In-Value Reassessment (Prop. 8), and you are not satisfied with the results, you can still file aApplication for Changed Assessment with the action committee to evaluate the regular registration period from 2 July 30 November.
Proposition 8 reduction is temporary, only applies to the application year. Every year when the lien date (January 1), the assessor of property is under review with an assessment to see if Prop. 8 conditions this value led to a drop anchor there. If the market value of property increases, theAssessor to adjust the estimated market value. Please note that the commissioner, in this case is limited to an annual increase of 2%, but the new assessment is not treated over the original value of the base.

What is Proposition 13?

In 1978 California voters passed Proposition 13, which substantially reduced property tax rates. Consequently, the maximum contribution is not more than 1% of a property's estimated value (plus the consolidated debt andassessment of direct taxes). Increases the estimated value is limited to 2% per year. Only four events can lead to a re-evaluation:

Before a change of ownership;

According Completed new construction;

New building is the third party on the date of entry (January 1), supplemented or

A fourth decline in value (Proposition 8)

Proposition 13 was adopted in 1978 by voters in California, and has changed the definition of taxable value for all state property. Tax Valuesproperty is defined as the lesser of:

Or consider the base year value or

market value or the date of entry (1 January), lesser

Tags : Proposition 8