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Alhambra Real Estate
Alhambra Homes For Sale - Investing in Real Estates of Alhambra, CA
You May Be Entitled To a Reduction in Property Taxes
By Lee Lieberg
April 15, 2008
This time of the year, taxes are fresh on everyone’s mind. Not only was
April 15th the due date for income taxes, but April 10th was the deadline
for the 2nd installment for property taxes.
Property taxes in Alhambra are about 1.25% of the value of the property (1%
shared by the County and City), payable to the Los Angeles County Tax
Assessor. The valuation begins with the price the homeowner paid for the
property. If the price paid did not reflect market value the Assessor will
adjust it.
Due to the passage of Proposition 13 back in 1978 the rise in the valuation
for tax purposes are capped 2%. This is normally less than the appreciation
of the value of real estate. So if you were fortunate enough to buy your
home before the last run up in real estate values you are most likely paying
tax on a value below market value.
In this market of declining property values, homeowners who have purchased
in the past 2-3 years may have seen their asset decline in value. These
people may be entitled to a temporary reduction in their property taxes.
According to Rick Auerbach, the L A County Assessor who recently spoke at
the Rotary Club of Alhambra, the Assessor’s office is in the process of
reviewing the value of homes purchased between July 1, 2004 and June 30,
2007. “They have reduced the value of 75,000 homes an average of $67,000,”
Auerbach said. That translates to an $825 reduction in the tax bill.
The Assessors office values properties as of January 1 of each year. The
taxes based on that value are then paid on December 10th and the following
April 10th. Because Alhambra held it value longer, we will not see much
relief until the ’09 billing cycle.
If you suspect that your home has declined substantially since you purchased
it, and the Assessor has not adjusted your bill you can apply for a Prop 8
temporary reduction of property taxes with the L A County Tax Assessor. This
is something you can do yourself, you don’t need to pay someone to file this
for you. The form can be printed off of the website and completed in
minutes.
Start at the Assessor’s Website at http://assessor.lacounty.gov or by
calling 888-807-2111. You will find more information on this topic as well
as the form “Decline-in-Value Reassessment Application” (Prop 8).
On this application you will be asked to provide information that you can
obtain from your tax bill. Two recent sales in your neighborhood of
comparable size and age will strengthen your case but are not necessary. If
you have trouble finding two recent sales, call your REALTOR® who will be
glad to help.
Remember that this is only a temporary reduction so don’t be surprised when
in the future your tax bill returns to what would have been the original
value plus 2% a year as the value again rises. The Assessors office is
trying to be pro-active in reducing the values, but if you feel they are
still too high, the benefit of the tax break is well worth the few minutes
it will take to apply.
|
# Homes Sold |
Median $ |
# Condos Sold |
Median $ |
March 08 |
12 |
405,000 |
5 |
388,000 |
March 07 |
20 |
565,000 |
15 |
435,000 |
Listed |
Homes |
|
Condos |
|
04/15/08 |
93 |
|
51 |
|
*Data was obtained from California MLS Alliance and deemed to be
reliable. Lee Lieberg can be contacted at lee.lieberg@dilbeck.com.
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