Recently the $100 million dollar residential estate sold in Los Altos Hills (2011) attracted attention when the Tax assessor determined the property would receive a reduced assessed value of $50 million. That cut the property tax bill from about $105,000 per month to about $52,000 per month.
If your property tax assessment is too high the deadline to apply for a reduction is August 1st (October 1 for San Mateo County?)
Here are link to the Santa Clara County Property tax assessment decline in value page:
https://www.sccassessor.org/index.php/online-services/decline-in-value/decline-in-value-request
A link to San Mateo County Property tax assessment page:
http://www.smcare.org/assessor/homeownerresources/form_declineapp.asp
Some notes from the Santa Clara County website:
CONSIDERATIONS WHEN FILING A REQUEST FOR AN INFORMAL REVIEW:
- The review process is intended for property owners who believe the total assessed value as shown on the Notification of Assessed Value exceeds the market value of their property as of January 1st.
- The review can lead to either an increased or reduced assessment, depending on the Assessor’s determination.
BEFORE REQUESTING A REVIEW:
- Have your Notification of Assessed Value available. It contains your Assessor’s Parcel Number (APN) and PIN. Both are required to file a review request.
- Be prepared to identify and list sales of comparable properties that you believe support your opinion of value. Sales transacting after March 31st cannot be considered in the review.
- Remember, the informal review filing period begins June 29th and ends August 1st. Results of the Assessor’s review will be sent shortly after August 15th. At any time from July 2 through September 17, property owners may file Applications for Changed Assessment (appeals) to formally dispute the assessment. Applications for Changed Assessment (appeals) are heard by Assessment Appeals Boards, independent of the Assessor’s Office.
Visit my website at www.DavidBergman.com
Information believed accurate but not guaranteed
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