Lower Your San Mateo County Property Taxes

If you have bought a home in San Mateo County, CA since 2000 you may be eligible for a reduction in your property taxes. Upon request, the tax assessor will reassess the tax value of your home. By following a few rules, you may save yourself some money.

In 1978, California voters passed Proposition 8, which allows for a temporary tax reduction when a home’s market value on Jan. 1 is less than the prior year’s assessed value. Let’s say you bought a house in 2006 for $500,000. As of January 2009, it should be assessed at $520,200, allowing for the 2 percent inflation adjustment which the law permits. But suppose comparable homes in your neighborhood are now going for $400,000. You might qualify for a $120,000 reduction in assessed value, which would save you over $1,000 on your 200-10 tax bill.

Here is how to apply…
The first step is an informal review. Homeowners who think the value of their home Jan. 1 is less than the assessed value can request an informal review from their county assessor. The tax assessor, using sales data as of Jan. 1 for comparable homes in the neighborhood, will determine whether a temporary reduction is warranted. Homeowners can request an informal review by filling out this form.

If homeowner and assessor cannot agree on a value through this informal process, the homeowner can file a formal appeal with the county’s assessment appeals board. The appeal must be filed by November 30, and requires a $30 fee paid directly to the Assessor.

You should be aware that the Proposition 8 reduction is only temporary; you must appeal each year.
After you are granted a reduction, the assessor will automatically review your home’s market value as of Jan. 1 each year and may adjust the assessed value; however, the assessed value cannot go higher than it would have been had you never received the temporary reduction.

Guest Authored by Raymond Stoklosa
Stoklosa has been coaching clients through real estate transactions since 1978. He is the Co-Owner and Managing Broker of The RayChel Realty Group… learning-based real estate consultants. The RayChel Realty Group represents home buyers and home sellers in San Mateo and Santa Clara Counties.
Education is the cornerstone of his professional skills. Raymond has taught a variety of consumer protection and community education programs at the College of San Mateo and De Anza/Foothill College and other adult education programs throughout California. Raymond also writes for LivingWellinSanMateo.com – San Mateo Real Estate Blog, which was voted as one of the Bay Area's Top 5 Real Estate Blogs by Relocation.com in July 2009.