Sunday, October 25, 2009

CHECK YOUR PROPERTY TAX BILL BEFORE YOU PAY

If you've not already received your 2009-2010 property tax bill, it should be coming soon. You may be busy. You may remember it's close to the amount you paid last time. You may not pay a lot of attention normally because your Realtor, Lender, Tax Preparer or Relative told you it was a write-off anyway. Don't treat it like a utility bill, that's just not the prudent thing to do, carefully review the bill. If you're a new homeowner, take careful note of the due dates to avoid late penalties, among other things. If you are not a new homeowner, you need to be reviewing the tax bill just as carefully but for different reasons.


Here are a list of a few things to be mindful of; however, these are general and may not be all of the things one might be mindful of (I take this opportunity to say "Seek Counsel" should you have any questions or concerns). In no particular order you should:

a) Review the Land assessment and Structure/Improvement assessment and note any changes from the prior year. This is very informational to the new homeowner...to get an understanding of value. This will also help you understand any changes in future years PLUS provide excellent information when making decisions on hazard insurance. Ensure the assigned Full Value is correct whether from a recent purchase price, the normal assessment plus any Prop. 13 increases or any reductions applied for and granted. Note: If you've applied for a permit to improve your property, the County Assessor may have made an adjustment in your taxes;

b) If you qualify, ensure your homeowners exemption is reflected and reduces the basis for the General Levy or if you have qualified in the past, ensure the homeowners exemption has not disappeared. This can happen or been removed because you purchased other property;

c) Check any Mello Roos, Special Assessments or Fixed Charges for accuracy; and

d) If you have transferred your tax basis from property owned in another County, ensure the assessment is correct.

Errors can occur from numerous sources, some intentional based upon actions, assumptions and other from data inputting errors/omissions. These can originate from many sources, i.e. Escrow Company, Title Company, County Recorder, County Assessor, computer glitches....

If you find any inconsistencies or errors you should contact your County Assessor without delay. These types of things are handled best and easiest as soon as they are discovered. Don't think it will be easy to get a credit at a later date.. that's a tough row to hoe and a long one.

Finally, it's a perfect time to consider contacting the Assessor's Office for information relative to a readjustment to your taxes if you believe the value of your Real Estate is less based upon recent sales and current values in your neighborhood. Be prepared to request, download, and complete needs forms to apply; and be mindful that you will need tangible information about comparable sales to support your request for re-assessment. Good Luck and...

Keep the faith!

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