Property value in Marin County have suffered from the current housing crisis; homeowners who bought their homes during the past few years have seen their share of property value decline.
Depending on the location and types of the homes, the price drop might result in current market value to be much lower than their homes’ taxable (assessed) value. Marn Homeowners whose property value is lower than the current market value should ask for a reassessment from Marin County Tax Assessors.
If successful, the property tax bases for these homes will be lower resulting in lowered property tax payment for their Marin Homes.
Proposition 13 allows homeowners to keep their property tax to no more than 2% annual increase during the time when property values are going up until the property changes hand.
On the other hand, Proposition 8 protects homeowners when the property value drops below the current market value. Proposition 8 allows homeowners to request for reassessment of their properties when the market value of their home is less than the assessed value of the home. This results in a lower property tax which is in sync with the current lower market value.
To request a reassessment of your property value, you will need to provide Marin County Tax Assessor’s office with the value of three current comparable properties that are sold around 01/2009 (no later than 03/2009).
Fill out the ‘Request for Informal Review of January 1, 2009 Reassessment’ and follow the very simple direction. Your request has to be in before 12/31/09.
If you need help with comparable values of homes, please feel free to contact Sylvia (415) 717-0293 and I will be very happy to help.
MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.
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