The Signal says an astounding 150,000 homes in Santa Clarita have declined in value in recent years, some as much as 43%, following an automatic review by the County Assessor.
That has the County Tax Assessor Rick Auerbach promising some nice property tax adjustments for many of us. Here’s the Signal:
The news of reassessed values is not necessarily bad news for Santa Clarita homeowners.
“We’ve seen a 43-percent decline in real-estate values in the last year,” said Michael Regilio, associate broker at Reality Executives in Valencia. “For a person in what was a $400,000 house that’s now valued at $240,000, or a 40 percent reduction, that’s a saving of $2,000 on their property-tax bill.”
The average savings, county-wide, is $1,400 for homeowners and $1,100 for condominium owners, Auerbach said. “That’s not a rebate or refund; that’s real money in people’s pockets,” he said.
Cha-ching! Considering the wild upswing followed by the precipitous drop in property value of the SCVTalk.com orbiting headquarters, I think I’m due for some county property tax relief, Mr. Auerbach:
SCVTalk.com Orbiting Headquarters real estate value with corresponding SCVTalk.com Mood Index (TM)
However, the LA Times says that the review only included houses and condos purchased between July 1, 2003, and June 30, 2008. So if you bought a condo in Newhall before July 1, 2003, like certain local bloggers did, then you’re out of luck. Or are you?
There is an appeals process if you weren’t included in the automatic review, the Times says:
Homeowners who did not receive reductions can appeal to the county’s assessment appeals board until Nov. 30, and if that fails, in court. Knowles urged homeowners to call the assessor’s office before they appeal to see if their case can be reconsidered.
“Contact us if you have some new information, some comparable sale we’re not aware of. We try to settle these things before they get to the assessment appeals board,” he said.
Homeowners who were not automatically reviewed this year can file for free until Dec. 31. Forms are available on the assessor’s web site or by calling (888) 807-2111. Knowles cautioned homeowners to avoid scammers who charge them to request reviews or appeal assessments, usually for $150 to $200.
During these Troubling Economic Times, it’s important to squeeze value out of every penny you get, so if you bought before July 1, 2003, be sure to see if you can get the tax adjustment!