Riverside County Assessor/Clerk/Recorder Larry Ward has published information on Proposition 8. Unlike some counties, in Riverside Larry takes the initiative to automatically evaluate property values every year and has reduced values (and taxes) in each of the past 3 years. The office is in the midst of looking at the market again this year to see if a wholesale reassessment will again be utilized or if the demand might be met by simply allowing individual homeowners to file their own reassessment requests if they think their values have declined further during the past 12 months (for the most part, they have not). However, if you would like to find out more and get a copy of what you’ll need to file if you do, please visit Larry by clicking on his homepage.
Also note the prominent warning about the so-called ‘Riverside County Tax Authority’ mailer soliciting $167 to produce a copy of your grant deed. Larry will be happy to get you one for about $10 or $20 bucks. Don’t get conned. Check with the authority first.
I spoke with Riverside County Assessor/Clerk/Recorder Chief Larry Ward yesterday about Prop 8 property tax reductions this year. He wanted everyone to know 2 things and communicate it to their clients.
- EVERYBODY who had an adjustment last year will automatically be re-evaluated this year. Last year, you may recall, they re-assessed every property in the county that had been purchased since 2004. Those Buyers will get another swing at reducing their taxes – and with property values off by as much as 30% in some cases, chances are good they will save a few more greenbacks this year.
- This year – EVERYBODY who purchased a home since 2001 will automatically be re-assessed. They figure County-wide, our prices are roughly back to 2001 levels so rather than being bombarded by individual requests, they’ll just do it by area and year and save everybody the trouble.
I know a number of people I’ve spoken with who got a re-assess last year didn’t feel it represented the current value of their home too acurately – but if you do have a problem with it you can always file an appeal at the time. They’ll notify you of your new value in July and you have until September to file.
Remember – if you do decide to file that Reduction in Value Form, don’t pay anyone up-front to provide the numbers. A reputable Realtor can help you out.
For a complete rundown please visit: The Riverside County Assessor – County Clerk – Recorders office.