|If you purchased a home in 2004, 2005, 2006 or 2007, you may be paying too much in property taxes.
In 2010, the Orange County Assessor reviewed the value of 317,000 properties in the County, including single-family homes, condos townhouses, and commercial/industrial properties. Approximately 190,000 properties received a Taxable Value reduction for the 2010/11 tax year.
Property is valued each year as of January 1 for property tax purposes. The Market Value is compared to the Prop.13 Value. The lower value is the Taxable Value for that tax year.
Prop. 13 value is the market value of the property when you acquired it, plus a Consumer Price Index adjustment of up to 2% per year.
By law, the Assessor values property each year as of January 1.
|The Assessor compares the Prop. 13 taxable value to the market value. The lower value is used for the property tax calculations each tax year.
Property owners will receive a Property Value Notice from the Assessor in July. This notice provides the taxable value that will be used to calculate the property tax bill.
Prop. 8 allows for a temporary tax reduction in assessed value when the property suffers a “decline in value”. As a Homeowner, you do not automatically receive a “decline in value”assessment. You will however receive the automatic Prop. 13 increase.
We can assist you in submitting a request to the Assessors office for an informal review. Filing period is January 1 to April 30, 2011.
Please contact us for the supporting documentation, There absolutely is no charge for this service.
You May be Paying too Much in Property Taxes!
By Tim Olivadoti | Published: February 12, 2011