Caliifornia Real Property Tax Dates
December 18, 2008
As 2008 comes to a close, there are some property tax deadlines that may be important to owners of real property. By now the deadline for paying the first installment of your 2009 property tax bill has passed This deadline was December 10, 2008. December 10 was also the last day to file for a Homeowners' Exemption or a Veterans' Exemption or a Disabled Veterans' Exemption. Hopefully those homeowners who are eligible for these exemptions have filed the necessary paperwork. The December 10th date was also the date to file for a postponement of taxes with the State Controller. If you failed to meet these deadlines, you might file the appropriate documents now so that you will have the exemptions in place for the next tax year. If you missed making your first installment payment, do it now to keep interest a penalties at a minimum.
The issue with property taxes this year has become the assessed value of your real property. With the decline in value in the real estate marketplace, many homeowners may be eligible for a reassessment. December 30 is the last day to file an application for "decline-in-value" reassessment with the assessor's office. Contact your county assessor's office is you feel that the current assessed value of your property has declined below your Proposition 13 value. If you have owned your property for some time, your Proposition 13 value may still be under the current value of similar properties. You will need supporting data to establish why you believe a reduction in value is appropriate.
For folks who purchased property in the 2008, your current tax bill will be based on the assessed value of the previous owner. Since Proposition 13 has generally established that the value of property is established by the selling price, you probably expected a much lower tax bill. I am told that county officials have been working on how to handle these lowered assessments. In the past when the selling price was greater than the seller's assessed value, the buyer received a "supplemental tax bill". Now that the selling prices are less than the seller's assessed value, I am told that the buyer still needs to pay the current bill, but that an adjustment will be made in the future. It is probably a good idea for folks in this situation to file the application for "decline-in-value" reassessment, just to be safe that you will see a reassessment for the current taxes.
This current real estate market has clearly changed the fairly simple way that Proposition 13 established "assessed value".
January 1, 2009 is the first day to file for the tax year beginning in July 2009. So if you missed the exemption deadlines for 2008-2009, don't miss the window from January 1 to February 15.
As 2008 comes to a close, there are some property tax deadlines that may be important to owners of real property. By now the deadline for paying the first installment of your 2009 property tax bill has passed This deadline was December 10, 2008. December 10 was also the last day to file for a Homeowners' Exemption or a Veterans' Exemption or a Disabled Veterans' Exemption. Hopefully those homeowners who are eligible for these exemptions have filed the necessary paperwork. The December 10th date was also the date to file for a postponement of taxes with the State Controller. If you failed to meet these deadlines, you might file the appropriate documents now so that you will have the exemptions in place for the next tax year. If you missed making your first installment payment, do it now to keep interest a penalties at a minimum.
The issue with property taxes this year has become the assessed value of your real property. With the decline in value in the real estate marketplace, many homeowners may be eligible for a reassessment. December 30 is the last day to file an application for "decline-in-value" reassessment with the assessor's office. Contact your county assessor's office is you feel that the current assessed value of your property has declined below your Proposition 13 value. If you have owned your property for some time, your Proposition 13 value may still be under the current value of similar properties. You will need supporting data to establish why you believe a reduction in value is appropriate.
For folks who purchased property in the 2008, your current tax bill will be based on the assessed value of the previous owner. Since Proposition 13 has generally established that the value of property is established by the selling price, you probably expected a much lower tax bill. I am told that county officials have been working on how to handle these lowered assessments. In the past when the selling price was greater than the seller's assessed value, the buyer received a "supplemental tax bill". Now that the selling prices are less than the seller's assessed value, I am told that the buyer still needs to pay the current bill, but that an adjustment will be made in the future. It is probably a good idea for folks in this situation to file the application for "decline-in-value" reassessment, just to be safe that you will see a reassessment for the current taxes.
This current real estate market has clearly changed the fairly simple way that Proposition 13 established "assessed value".
January 1, 2009 is the first day to file for the tax year beginning in July 2009. So if you missed the exemption deadlines for 2008-2009, don't miss the window from January 1 to February 15.
posted by shirley harry at 8:11 AM
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