Property owners may benefit from requesting a temporary reassessment of their property tax values
The former Tulare County Assessor Greg Hardcastle said in the wake of a general decline in real estate values in recent years, some property owners may benefit from requesting a temporary reassessment of their property tax values under the provisions of Proposition 8.
Residents who may benefit most from reassessment are those who paid top dollar for new or existing homes in the past three years. Homes typically are assessed when they are built, reassessed after an ownership change, or undergo a significant remodeling project with a building permit.
A homeowner may be able to make a case for lowering their property values this year, if their values were too high as of January 1, 2009. It is very important for the property owner to understand that the Appeal process could be their best option.
On an annual basis we can reassess their property if the homeowner files an appeal through the Assessment Appeals Board; these Applications are available from the Board of Supervisor's Office, located at 2800 W. Burrel Ave. Such appeals must be filed between July 1 and November 30. Under state law, counties must use January 1 as the base date for assessing property values. Those values are normally based on prices paid for homes, with increases each year limited to 2%. The property owners, after the November 30 deadline, can contact the Tulare County Assessor's Office and request an application "Request for Value Review" and seek a change in value for the 2009/2010 roll year.
After December 31, 2009 through June 1, 2010, the Assessor will review value review requests for the next roll year. Tax reductions under Proposition 8 may be initiated by the County Assessor without a request from the owner. The Assessor's office has initiated some such reviews and whenever possible will review properties that changed ownership in the year 2007 and 2008.