Summer is the season for fun and property tax assessments. Is your property being overvalued?
Many California property owners may find their property’s assessed value much higher than the current fair market value. Applying for a change in assessment can save thousands of dollars in property tax, but timing is everything. A Decline in Value Appeal must be submitted by the filing deadline, which is as early as September 15 in some counties. This type of appeal only affects the current year, and a new application must be submitted for each year a decrease in assessed value is desired. Due to a change in ownership or completion of new construction, a Base Year Value Appeal can decrease the property’s assessed value for the current year and will carry forward to future years. The deadline for a “base year value” appeal is four years after the property is first placed on the regular assessment roll. For instance, the final filing deadline for a property purchased in July 2008 could be September 15, 2012.
With the deadline approaching to appeal property assessments, are you wondering, “Is my property overvalued?”
For more information, call LSL CPAs at 714.569.1000.
