Sorry, Your House DIDN’T Go Down in Value
I had an interesting experience the other day. A homeowner came into my office and asked if I could help him fill out a “Decline in Value” Reassessment Application Form in order to request a reduction in property taxes based on a decline in property value. I agreed to help him and began to do the necesssary research on prices for homes sold within the last three months of 2009 in order to come up with a market value opinion for January 1, 2010. The result? It turned out that there was no significant decline since the last time the house was reassessed for 2009-2010 taxes, such that there would only be about $100 in yearly tax savings.
So, the bad news – the decrease in property tax will be minimal. But the GREAT news is that home prices in this particular area of South San Francisco seem to be stabilizing. What the market will do in the next year is anyone’s guess, but it’s nice to have some snippets of hope here and there.
BTW, if you live in San Mateo County and feel that your home has declined in value since the last assessment and warrants a property tax decrease, you can visit the San Mateo County Tax Collector website for more details. The county has been pretty proactive in doing reassessments without being asked by homeowners, but you never know. Here’s the site: http://budurl.com/smtax. If you need help with a market value opinion, feel free to contact me or your favorite real estate agent. Of course, for tax advice, you should always speak to your accountant or tax specialist.
Jean Joh: Visit my website at www.jeanjoh.com or follow me on twitter at jeanjoh.
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3 Responses to “Sorry, Your House DIDN’T Go Down in Value”
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Jean another great blog… Thank You. You always give good advice and show your willingness to go that extra mile for your clients!
MArk
Jean,
I recently had the same request from a client and the results were almost the same!
A very positive sign I’d say about our local market.
You are a great resource for your clients and customers!
Brian
Jean,
Great information.
Larry