Decline in value property reassessment? | FerrariChat
Buy

Decline in value property reassessment?

Discussion in 'California (Southern)' started by need4speed, Oct 16, 2009.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. need4speed

    need4speed Formula 3

    Nov 3, 2003
    1,616
    Pacific Palisades
    #1 need4speed, Oct 16, 2009
    Does ne1 know how this works? Typically, my assessed value is lower than the market value. If I ask for a reassessment because I think my property taxes are too high, might my assessed value actually increase because of the discrepancy with the market?

    Thanks
     
  2. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #2 SrfCity, Oct 16, 2009
    Let sleeping dogs lie on that one. If the assessed value was higher than market then you'd want to make some noise.
     
  3. need4speed

    need4speed Formula 3

    Nov 3, 2003
    1,616
    Pacific Palisades
    #3 need4speed, Oct 16, 2009
    that's what I figured. thanks
     
  4. rimoore

    rimoore Formula 3

    Nov 18, 2004
    1,353
    Island in Maine
    Full Name:
    Richard Moore
    #4 rimoore, Oct 17, 2009
    I don't think that matters. You pay prop taxes on the purchase value.
     
  5. HRCVF750

    HRCVF750 Karting

    Jul 13, 2006
    233
    La Canada, Ca.
    Full Name:
    M. Lyle
    #5 HRCVF750, Oct 19, 2009

    N0.

    Your property taxes are based on assessed value it's true, and that value is initially based on your original purchase price, but several factors can change that assessment, the most common being major improvements to your property.

    Major improvements usually require that you or your contractor pull permits with the city and/or county which requires that a full set of plans be filed for review before the permit is issued and those plans would include the estimated cost of the work. Once the work is completed and inspected by the city or county, the value of those improvements would be reported to the county and state meaning that they would reassess your home based on that increase in value and that would mean that you would pay higher property taxes based on that reassessment.
     
  6. Cool1g

    Cool1g Karting

    Aug 7, 2006
    155
    Hollyweird, CA
    #6 Cool1g, Oct 19, 2009
    if you bought a property in the last couple of years in LA County, odds are the assessed value is higher than the market value, and you can have the assessed value lowered, as was done on my residence.
     
  7. BLUROAD

    BLUROAD F1 Veteran

    Feb 3, 2006
    6,081
    Tustin Ranch, Cali
    Full Name:
    Enrico Pollini
    #7 BLUROAD, Oct 19, 2009
    you guys know that the Head appraiser for L.A. county is right here on socal FChat...... He is lurking right now.............Some know him as Leibkid.........but most of us know his real name.......
     

Share This Page