real estate taxes - re-appraisal

Last time there was a housing decline in California the County Assessor (elected) went out and gave seminars on how to get your assessment lowered. This being California with Prop 13 on;y recent purchases were impacted. It remains to be seen if the current assessor will do the same thing.

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I did that during the downturn in the 1990's, and saved about $1,000 per year in taxes.

I had had a formal appraisal done in April of that year (trying to refinance my mortgage) and, since the assessment is based on April values, the appraisal was timely. I also looked at the comps to determine their assessment vs fair market value; as well as doing the same thing for recent sales.

Armed with this information, I was able to lower my assessment enough to result in the above tax savings. (The appraisal cost was about $350, at that time, if I recall correctly).

--ron

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If they were lowered across the board, as their real worth has been, the tax rate would simply increase to make up the shortfall to the city or town. Thumper

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Even in the same city, or in a limited region within a city, values can go down (and also up) to different degrees. In the neighborhoodd where I live, average sales prices increased about 4% last year. But ten blocks or so down the road, where a lot of houses overlook the water, average prices increased about 15%.

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I did it successfully several times in the early 1990s downturn. My current area hasnt gone below assessed price yet.

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We're in the process of doing this now. Not for our residence, but a new office building we just bought.

County had it assesed for $330K ... We purchased for $225K after it sat on the market for over 2 years.

ORC (Ohio Revised Code) *mandates* that if the sale was at "arms-length", then the County *must* use the sale price.

Why we've gotta go through the shenanigans with the County's "Board of Revisions" when ORC explicitely states that they've gotta use the sale price -- I have no idea.

Anyway, hearing with the Board of Revisions next month. Will let ya know how it turns out.

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