Real Estate Insights

Proposition 8 allows for a temporary reduction of assessed value if the property has a market value that is less than its Proposition 13 value. What that means to you is that if your property value has declined you may qualify for a temporary reduction on your property taxes. And with property values on the decline, this may be a nice light at the end of the tunnel.

So, what can you do if you think your property values have declined? For one thing, don't fall for all the advertising offering valuation services that guarantee they can reduce your property taxes. What most people don't know is that the County Tax Assessor's office provides assistance for free. So save your money and instead go on-line or contact your County's Tax Assessor office and they'll be more than happy to help you.

Santa Clara County has a simple one page form that is available by clicking the following link: http://www.scc-assessor.org. Once the form is completed, it may be submitted by fax, email or at the county assessor’s front office. Their office will contact you within two weeks of receiving your completed form.

It is also helpful to include any supporting documentation you may have. For example, appraisals, comparables, or multiple listings will be especially helpful in expediting your property tax reduction if warranted. To get a better idea of your home's value please feel free to contact us for some comparables or try our online home valuation model. Other online resources for determining your home's market value are:

• www.Zillow.com
• www.eppraisal.com
• www.cyberhomes.com

If you are uncertain of the current market value of your home, please feel free to give us a call and any one of our agents will be happy to assist you in providing the supporting documents to warrant a property tax deduction.

**Please note that the Office of the County Assessor requests that all review requests be submitted between July 5 and September 15th.