Our neighbor, Bob Haws, is the guest blogger this week. If you have a topic that would be of interest to us here in Plum Canyon, contact me to discuss it. Thank you, Bob, for sharing this information that is of importance to us all.
As you may already know, the real estate market has recently changed directions. This is partly caused by the increase in the number of homes available for sale, the number of foreclosures and defaulted loans and newer more stringent lending guidelines. Because of this we are seeing prices declining. If you purchased your home between 2006 and 2007, there is a good chance that your homes current value may have declined below your purchase price.
When you purchased your home the Los Angeles County Assessor based your homes taxable value based on your purchase price. With today’s declining values you could be paying too much in property taxes. In 1978, California
voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1st of that tax year.
To reduce the assessed value of your home you must demonstrate that on January 1, the market value of your property was less than its current assessed value and complete a simple one page form with comparable sales and return it to the assessor’s office. We would be happy to assist you by supplying you with the necessary forms and comparable sales information needed to complete the process.
We are Stacey and Bob Haws, Realtors® specializing in residential sales in Santa Clarita. If we may be of service in this matter, it would be our pleasure to do so. You may contact us directly at 661-297-3725 for a discreet consultation or by email at StaceyandBob@sbcglobal.net