Studio City Real Estate - Sherman Oaks Real Estate

Lower Your Property Taxes In The Los Angeles Area


California voters passed Proposition 8 in 1978, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value is when the current market value of your property is less than the current assessed value as of January 1.  For more information on the law associated with Proposition 8, see Revenue and Taxation Code, Section 51. It is available online at the official site for California legislative.

To be eligible you have to prove:
That on January 1, the value of your property was less than its assessed value and you must demonstrate that on January 1, the market value of your property was less than its current assessed value. This is usually down by showing at least two recent comps in your neighborhood.
You must then file a claim form for a Decline-in-Value Reassessment Application (Prop.8) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. If December 31 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or mailed and postmarked by the next business day. Phew!

If you need assistance putting together the comps for the Tax Assessor send me an e-mail. I´d be happy to help.