Los Altos Neighbor

If you have purchased a property after 2003 it may qualify for a “Decline-in-Value Reassessment” with the Los Angeles County Assessor. Property values peaked in 2005 and have decreased since. You may qualify for a decrease in your property tax bill. Proposition 8 allows a temporary reduction in assessed value when property suffers a “decline-in-value,” which is authorized under Section 51 of the Revenue and Taxation Code. A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1, 2008.

We can assist you in this process. It is not complicated and it does not cost you money!

We have the Decline-in-Value forms from Los Angeles County Assessor and we will be happy to supply you with Comparable Sales that will reflect the information required for a reassessment in your property taxes.

The Reassessment Application must be filed by December 31, 2008. Selection of comparable sales that have recorded must be as close to January 1, 2008 as possible, but no later than March 31, 2008. Do not put this off!

Please call us at 562-961-1413 or email us at homes@joesopo.com; leave your contact information and we will help you through this process.