| Sacramento homeowners have until November 30th, | | | | Santa Clara------- 9/15/08---------- 9/15/08 |
| 2008 for a Formal appeal and December 1st, 2008 for | | | | Ventura----------- 11/30/08--------- 12/31/08 |
| an informal appeal. | | | | |
| Under proposition 8, homeowners are entitled to a | | | | While informal appeals should be your first step, you |
| temporary reduction in their property taxes due to a | | | | should also file a formal property tax appeal if the |
| decline in property value. This reduction is only available | | | | Assessor’s response will not be known before the |
| if your assessed value is more than the market value | | | | formal appeal deadline. Unless you file a formal appeal, |
| of your home as of January 1, 2008. | | | | then you’ll have to accept the Assessor’s |
| Homeowners in Sacramento only have until November | | | | opinion. With a formal appeal “Request for |
| 30th, 2008 to request a formal property tax appeal or | | | | Changed Assessment”, you’ll have the |
| December 1st, 2008 to ask for an informal property | | | | advantage of an independent review by either a |
| tax appeal. The confusion about appeal dates stems | | | | Hearing Officer or the Assessment Appeals Board. |
| from the differences between the formal and informal | | | | Generally, it makes sense to request a Hearing Officer |
| process for a property tax reduction. The informal | | | | and not go through the formalities of the Assessment |
| appeal is handled through each County’s | | | | Appeals Board for a residential property appeal. |
| Assessor’s office. This is the most expeditious | | | | The disadvantage of a formal appeal is that it will take |
| means of appealing your property’s assessed | | | | longer, estimated to be at least 6 to 9 months. |
| value. There is a form used to prepare a Prop. 8 | | | | However, you don’t have to go on to the formal |
| temporary reduction in value request. Generally, you | | | | appeal if you can reach agreement with the Assessor |
| supplement this form with comparable sales from your | | | | before the hearing. If you reach agreement with the |
| neighborhood that will be evaluated by the Assessor. If | | | | Assessor or if you go to the Hearing and a lower |
| a reduction is granted, then you’ll get refund or a | | | | value is granted, you will get a refund with interest. |
| smaller property tax bill. | | | | Since all formal appeals must be filed by November |
| Since the process is informal, the published dates are | | | | 30th, 2008, you should consider filing both appeals at |
| not locked in stone and vary considerably by County. | | | | the same time. This process can be completed very |
| As you can see from this chart (most populous | | | | quickly by using our electronic property tax appeal |
| Counties), practices for informal property tax appeals | | | | service where Comparable Sales and formal and |
| vary widely from Orange County which locked the | | | | informal appeals are ready to mail in minutes for only |
| doors at the end of April, 2008 to Alameda where the | | | | $29.99. |
| doors are open until the end April, 2009. On the other | | | | No surprise, but home buyers from 2003 forward |
| hand, formal appeals are due by November 30th, 2008. | | | | have the best opportunity for a property tax reduction. |
| | | | | First American LoanPerformance says “California |
| County Assessment appeal Filing Periods For 2008 | | | | was the nation’s worst housing market with prices |
| County-- Formal Process Deadline---- Informal Process | | | | falling at a 24.37% annual rate as of late April. |
| Deadline | | | | California has held this dubious distinction since May |
| Alameda---------- 9/15/08----------- 4/10/09 | | | | ‘07.” What this suggests is that recent |
| Contra Costa----- 11/30/08--------- 12/31/08 | | | | homebuyers should, on average, expect a similar |
| Fresno----------- 11/30/08--------- 12/31/08 | | | | reduction in their property tax bill. |
| Los Angeles------ 11/30/08--------- 12/31/08 | | | | By now homeowners received a notice with the |
| Orange----------- 9/15/08----------- 4/30/08 | | | | assessed value of their property from the Assessor. |
| Riverside---------11/30/08---------- 9/1/08 | | | | Homeowners have until November 30th to file a |
| Sacramento------- 11/30/08---------- 12/1/08 | | | | formal appeal and December 1st, 2008 to file an |
| San Bernardino--- 11/30/08---------- 11/30/08 | | | | informal appeal. There will be a crush of property tax |
| San Diego-------- 11/30/08---------- 5/30/08 | | | | appeals filed at the last minute in November, making it |
| San Francisco----- 9/15/08---------- 8/15/08 | | | | desirable to get in line well before the final due date. |