Prop 8 – Lower your Property Tax

Due to the current real estate climate your property may be eligible for a temporary property tax reduction. Property tax law provides certain protections for taxpayers when property values decline. Under Proposition 8, qualifying properties will be given a temporary reduction in their taxable value which translates to a lower property tax.

The continued decline in residential property values throughout California has resulted in many reduced assessments. A reduced or “decline-in-value” assessment, commonly referred to as ?Prop 8? occurs when the current market value of your property is less than the assessed value as of January 1. The Riverside County Tax Assessor proactively and independently reviews thousands of residential properties to ensure that fair and equitable assessments are provided for Riverside County taxpayers. The review will include single-family residences, manufactured homes and condominiums purchased between January 1, 1999 and December 31, 2009, as well as all other properties that received a Decline in value reassessment last year.

The Riverside County Assessor encourages property owners to await the results of the review before filing a Decline in Value Reassessment Application. You can go online to the Riverside County Assessor www.riversideacr.com to see if you home is included in the assessment process. In July the assessor will mail the results to qualified property owners. You will receive a Notification of Assessed Value Adjustment Due to Decline in Value. If you do not agree with the value you may file an assessment appeal. For more helpful property tax information go visit < www.riversidetaxinfo.com

Is My Property Being Reviewed for a Decline in Value?

The results of this review will be mailed during the month of July 2010 to taxpayers whose properties will be under review. The review applies to the assessed value as of January 1, 2010, for Fiscal Year 2010-11 that will be billed December 10, 2010, and April 10, 2011. If your property does not meet the criteria above for review and you believe the value should be lowered, you may file Decline-in-Value Reassessment Application (Prop. 8). The filing deadline for a Decline-in Value Application is September 1.2010. You will receive a notification of their findings in the mail

Homeowner Alert

The Assessor does not charge a fee to review your property values
Various private companies are sending mailings to Riverside County property owners offering their services, for a fee, to pursue a property tax reduction. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies are even imposing late fees if the application is received after an arbitrary deadline. Be aware that solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency.
Effective January 1, 2010 it is illegal for companies or tax agents to collect fees in advance to file for a reduction in value. Fees may only be collected after an application has been filed with either the Assessor or the Assessment Appeals Board.