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Reduce your property tax bill.

 

Information on your Orange County Property Taxes: 

 

Am I paying to much property tax?

 

Dear clients and visitors,

 If your home has declined in value since the time when you purchased it, chances are you may be paying more property tax than you are required to. When you purchased your home, the new property tax bill that you adopted was based on the Propostion 13 Value at that time. For example if you purchased your home and the Proposition 13 Taxable value was $400,000 and the basic levy rate is 1%, your yearly tax for that year was $4,000. The Prop 13 Consumer Price Index (CPI) can adjust up to 2% each year your home appreciated in value. As real estate values have been declining in the past few years you may be eligible to reduce your property taxes and pay less in 2009 if the Market Value of your home on January 1st 2009 is less than the Proposition 13 Taxable Value.

Example: Property Tax - Savings Zone 

- This property was purchased in 2004 for $450,000.

- A Prop. 13 Consumer Price Index (CPI) adjustment of 2% was added in 05, 06 and 07.

- Market Value dropped below the Prop. 13 Taxable Value in 2008, 2009 and 2010.

- In 2011 the Market Value went back above the Prop. 13 Taxable Value.

- Taxpayers have a "Property Tax Savings Zone", whether the market is up or down.

 

Tax Year

Prop. 13

Taxable Value

Market

Value

Which Value Is Used To Calculate Property Taxes Each Year?

Difference Between Prop.13 Taxable Value and Market Value Is The "Savings Zone"

Tax Savings Based on 1% Basic Tax Rate

2004

450,000

450,000

Market Value Purchase Price

0

$0

2005

459,000

530,000

Prop. 13 Taxable Value

71,000

$710

2006

468,180

590,000

Prop. 13 Taxable Value

121,820

$1,218

2007

477,544

560,000

Prop. 13 Taxable Value

82,456

$825

2008

487,094

470,000

Market Value

17,094

$171

2009

496,836

450,000

Market Value

46,836

$468

2010

506,773

490,000

Market Value

16,773

$168

2011

516,909

550,000

Prop. 13 Taxable Value

33,091

$331

Tax Savings

$3,891

 

What you need to do: 

If you believe your homes Market Value is lower than your Taxable Value, The Orange County Assessor encourages you to submit a Request for Informal Assessment Review form along with market information on comparable property sales and listings in your area. After you submit the form and the property information, you will receive a Property Notice from the Assessor in July stating the Taxable Value for that year. As a free service to my loyal clients and as a gift to prospective new clients I have done the research for you and attached the Request for Informal Assessment Review form for your convenience. On your request I will generate comparable property information on your home that you will need to submit along with this form at no charge. All I ask for in return is if you ever need assistance with a Real Estate Transaction (Buy Sell Lease or Refinance) to keep me in mind. I also appreciate any referrals you may send to me.

This form and the comparable property information must be filed before April 30th 2009 to be considered for a Assessment Review and a possible reduction of your property tax bill that you will get in September 2009.

If you know of someone that may benefit from this please send them this information and I will be glad to help them. We also have an in-house lender with excellent fixed rates that may help save even more for the years to come.

Instructions:

* Print this form

* Fill out the form clearly.

* Clearly identify your property by addressing and Parcel number etc.

* Provide your daytime phone number.

* Provide up to 3 recent comparable sales or listings.

* Contact me for assistance and/or your free comparable property information.

* Submit the package to the Assessor for filing before April 30th 2009.

 

I look forward to helping in any way and being your Agent of choice.

Brett Dalbeth Realtor and Mortgage. 714-642-1616

  

 

 

 

 
 
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