The Bay Area, in some areas, are experiencing a phenomena we haven’t seen since the mid-1990’s: Decline in home market values. Proposition 8 was passed by voters in 1978 as an amendment to Proposition 13 to allow for a temporary property tax reduction if your home declines below its base year value as of January 1st of each year.
Property owners who think they may qualify for relief thru a reassessment of their property taxes should contact their County Assessor’s office to review their situation. You will be asked for nearby comparable home sale data - sales in the most recent 90 days are most relevant.
Each county should have information on their site about this proposition. Go to your county assessor’s site and search for “proposition 8″ or “prop 8.” For Contra Costa, you can go direct with this link: Contra Costa Prop 8 - Decline in Market Value Property Tax Adjustment
Resource:
Bay Area Counties Trim taxes as home prices fall - SFGate
For more information or information about selling your home, short sales, buying foreclosures or REO’s, contact:
Catherine Myers
www.DiabloValley.net
Terry Osburn
www.TerryOsburn.com
Specializing in Contra Costa County: Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Lafayette, Alamo, Danville, Antioch, Bay Point, Pittsburg, Brentwood, Oakley.
Categories:
Tags: contra costa, decline in market value, home prices, property tax, proposition 8, tax relief
