Many property owners have experienced declining values since the market changed and do not realize that they may be able to get their tax bill reduced.
If you know anyone who purchased property before the market changed, they may be paying too much in property tax. When a property is purchased it triggers a reassessment of value by the County Tax Assessor. The new purchase price typically becomes the tax base for the new owner. For example, if you paid $750,000 for a home in 2005, then your tax base was set at $750,000 and you were paying approximately 1.1%- 1.25% per year in federal and local taxes.
If that same property owner can show that the same property is worth less, than you can request a reappraisal from the county. If the property in the example above dropped $100,000, then this could equate to over $1,000 savings on property taxes.
If you know anyone who needs a copy of the form REQUEST FOR REAPPPRAISAL or some comparable sales in their neighborhood to show lower values just give me a call or an email. 831-588-1588 or mbloch@lsre.net
