From the Offices of
Don McDowell
To you my valued friends & neighbors
Deadline to appeal property taxes is Dec. 31REDUCTIONS: In light of the area housing slump, many homeowners are expected to seek changes.
11:06 AM PST on Wednesday, November 21, 2007
, Re-printed from
Correction: A previous version of this story contained inaccurate information about when certain deadlines fall. Taxpayers have until Dec. 31 to file a decline in value reassessment application with the assessor's office. Applications for changed assessment must be postmarked or personally delivered to the clerk of the board's office no later than 5 p.m. on Nov. 30 to appeal the 2007/08 assessed values.
Riverside County
County Assessor Larry Ward extended the Nov. 30 deadline for the application in the wake of plummeting home prices and a real estate market where the Inland region is experiencing the third-highest rate of foreclosure activity in the nation.
Government rules require tax bills to be based on the Jan. 1 value of a property.
The voter-approved Prop. 8 requires a reduction be made in assessments when a property's fair market value drops below its base year value plus inflation.
Ward said the precipitous slide in home prices began in the spring so many property owners won't see a decrease in their tax bill until next year.
One of the best ways to support an application for a reduction is to provide the assessor with documentation on at least two sales of similar properties as close to Jan. 1 as possible but no later than March 31.
If the market value of a property on Jan. 1 is less than the calculated value under Prop 13 -- which caps property tax increases to 2 percent a year -- the assessment will be reduced to the market value for the fiscal year beginning July 1.
Earlier this year, Ward's office reassessed 31,333 properties, which resulted in a $610 million reduction in their assessed value. Many of those properties were purchased during the height of a red-hot housing market in 2005 and 2006.
Despite the reduction, the county's assessment roll grew by 16 percent this year to more than $239 billion. The growth is expected to continue but not at the double-digit rates it has enjoyed over the past six years.
Ward said his job is to make sure properties are assessed fairly and accurately and not to maintain a fat assessment roll.
"If we missed making an adjustment, we will make an adjustment," Ward said.
Applications must be filed with the assessor's office. To file an application for appeal visit www.riversideacr.com or call 951-955-6200.
See the necessary form below. If you want to file an appeal.
The Offices of Don McDowell
(951) 314-2863
To print form from web page - Save form as a picture file and print as a JPEG file.
The two recorded comparables have already been inputted.
MAIL TO:
Larry W. Ward
Assessor- County Clerk - Recorder
P.O. Box 12004
Riverside, CA 92562-2204
From the Offices of
Don McDowell
Deadline to appeal property taxes is Dec. 31
REDUCTIONS: In light of the area housing slump, many homeowners are expected to seek changes.
11:06 AM PST on Wednesday, November 21, 2007
, Re-printed from
Correction: A previous version of this story contained inaccurate information about when certain deadlines fall. Taxpayers have until Dec. 31 to file a decline in value reassessment application with the assessor's office. Applications for changed assessment must be postmarked or personally delivered to the clerk of the board's office no later than
County Assessor Larry Ward extended the Nov. 30 deadline for the application in the wake of plummeting home prices and a real estate market where the Inland region is experiencing the third-highest rate of foreclosure activity in the nation.
Government rules require tax bills to be based on the Jan. 1 value of a property.
The voter-approved Prop. 8 requires a reduction be made in assessments when a property's fair market value drops below its base year value plus inflation.
Ward said the precipitous slide in home prices began in the spring so many property owners won't see a decrease in their tax bill until next year.
One of the best ways to support an application for a reduction is to provide the assessor with documentation on at least two sales of similar properties as close to Jan. 1 as possible but no later than March 31.
If the market value of a property on Jan. 1 is less than the calculated value under Prop 13 -- which caps property tax increases to 2 percent a year -- the assessment will be reduced to the market value for the fiscal year beginning July 1.
Earlier this year, Ward's office reassessed 31,333 properties, which resulted in a $610 million reduction in their assessed value. Many of those properties were purchased during the height of a red-hot housing market in 2005 and 2006.
Despite the reduction, the county's assessment roll grew by 16 percent this year to more than $239 billion. The growth is expected to continue but not at the double-digit rates it has enjoyed over the past six years.
Ward said his job is to make sure properties are assessed fairly and accurately and not to maintain a fat assessment roll.
"If we missed making an adjustment, we will make an adjustment," Ward said.
Applications must be filed with the assessor's office. To file an application for appeal visit www.riversideacr.com or call 951-955-6200.
See the necessary form below. If you want to file an appeal.
The Offices of Don McDowell
(951) 314-2863
To print form from web page - Save form as a picture file and print as a JPEG file.
The two recorded comparables have already been inputted.
MAIL TO:
Larry W. Ward
Assessor- County Clerk - Recorder
P.O. Box 12004
Riverside, CA 92562-2204
This has been a service provided to you by your neighborhood specialist.
The Offices of Don McDowell
