Money Saving Tip: Appeal Your Property Taxes

Homeowners in California are required to pay a property tax every year. Bills like these are never fun, but by learning how property taxes are determined, you can figure out whether the assessed value of your house is too high. When property values are increasing and when property values are decreasing you can use the following strategies to save yourself money. With accurate information and thorough research you will be surprised as to how much money will go back into your wallet. Balboa Realty is here to give you all the best Orange County Property Management tips.

First things first. Investigate your local county's property tax appeal process from start to finish including the time line to file and the deadline. In California this begins when the county tax assessor establishes the taxable value of your home based on the purchase price. This can be increased by 2% each year or taxing authorities have the power to reduce the value due to specific circumstances like natural disasters. Your taxable value of your home is then multiplied by the tax rate in your community. This rate will differ depending on where you live. Overall, you can't change the tax rate, but you can negotiate the taxable value of your home which can in turn save you some serious money.

Once you've received your tax bill you should carefully review the bill and determine the date that your assessor estimated your property's value and look for anything that isn't accurate. These inaccuracies could potentially lower your property value and taxes. Do some research and document what similar houses sold for in your community. If your property has damages or problems, provide a detailed list of everything that would make this property's value decrease. Some examples would be leaking roof, structural damage, poor views etc. Be sure to respond in a timely manner so that you have the opportunity to appeal.

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Published on Friday, December 2, 2016