When I refinanced my house in California a few years ago, it was reassessed at a higher value. This led to an increase in my property tax. Now that prices have gone down, will my property taxes go down when I refinance and have my house value reassessed?
Can I Lower My Property Tax Payment In California By Refinancing My House After The Assessed Value Has Dropp?
Thu, Oct 15, 2009
4 Responses to “Can I Lower My Property Tax Payment In California By Refinancing My House After The Assessed Value Has Dropp?”
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October 15th, 2009 at 2:13 am
Your tax bill should not be tied to when you refinance. The county assessor’s assessment is not based on the appraisal that’s done when you refinance.
If your property has gone down in value, first you need to have the value assessed. Then contact your bank and inform them of the new tax rates, and ask them to recompute your escrow amount.
October 15th, 2009 at 2:30 am
To lower your assessed value you must file a Decline In Value form, availabe at your County Assessor’s Office or on their website.
On that form they ask for 2 or 3 comps (homes in your area like yours that have sold prior to March 1, 2008). You can get these comps from a title insurance company or pay a Realtor in your area to do the research for you. Shouldn’t cost more than $25 or ask a Realtor friend, or the Realtor who represented you when you purchased your home.
Also, their new assessment is not permanent. When the prices go up again they can immediately jump your assessed value disregarding the 2% max increase in assessed value in any one year provision.
No need to ask your lender to lower the amount they take to pay the taxes in your impound account because the assessor send the lender the adjusted tax bill. Besides the lender will need written notification from the assessor’s office.
Expect the process to take place by early October when the new tax bills are sent out if you file the form immediately. The request to lower the property taxes will be for 2008. It’s to late for 2007.
October 15th, 2009 at 3:12 am
No need. Go to your county assessor’s website and look for the Proposition 8 “Decline in Value” forms.
October 15th, 2009 at 4:00 am
Unfortunatley it doesnt’ happen like that.