Deadline to appeal property taxes is Dec. 31

REDUCTIONS: In light of the area housing slump, many homeowners are expected to seek changes.

By KIMBERLY TRONE - The Press-Enterprise

Correction:

A previous version of this story contained inaccurate information about when certain deadlines fall. Taxpayers have until Dec. 31 to file a decline in value reassessment application with the assessor's office. Applications for changed assessment must be postmarked or pesonally delivered to the clark of the board's office no later than 5 p.m. on Nov. 30 to appeal the 2007/08 assessed values.

Riverside County property owners who believe the market value of their property has fallen below its assessed value have until the end of the year to file an application for changes in assessments on their tax bill.

County Assessor Larry Ward extended the Nov. 30 deadline for the application in the wake of plummeting home prices and a real estate market where the Inland region is experiencing the third-highest rate of foreclosure activity in the nation.

Government rules require tax bills to be based on the Jan. 1 value of a property.

The voter-approved Prop. 8 requires a reduction be made in assessments when a property's fair market value drops below its base year value plus inflation.

Ward said the precipitous slide in home prices began in the spring so many property owners won't see a decrease in their tax bill until next year.

One of the best ways to support an application for a reduction is to provide the assessor with documentation on at least two sales of similar properties as close to Jan. 1 as possible but no later than March 31.

If the market value of a property on Jan. 1 is less than the calculated value under Prop. 13 -- which caps property tax increases to 2 percent a year -- the assessment will be reduced to the market value for the fiscal year beginning July 1.

Earlier this year, Ward's office reassessed 31,333 properties, which resulted in a $610 million reduction in their assessed value. Many of those properties were purchased during the height of a red-hot housing market in 2005 and 2006.

Despite the reduction, the county's assessment roll grew by 16 percent this year to more than $239 billion. The growth is expected to continue but not at the double-digit rates it has enjoyed over the past six years.

Ward said his job is to make sure properties are assessed fairly and accurately and not to maintain a fat assessment roll.  "If we missed making an adjustment, we will make an adjustment," Ward said.

But John Green, a Temecula real estate agent and Menifee homeowner, said the system does not accurately reflect the property values of thousands of properties. Green said the county stands to reap tens of millions of dollars in overpayments from unsuspecting owners.

Green said many home prices have slipped by 25 percent or more. He has appealed the assessment on his own Menifee home.
And Green said there are a lot of great deals on the market for qualified buyers. "It's just a shame so many people are being overassessed," Green said.

Applications must be filed with the assessor's office.

Reach Kimberly Trone at 951-368-9456 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Property tax Information: To file an application for appeal visit - Link to Riverside County Assessor (County Clerk Recorder)

www.riversideacr.com or call 951-955-6200

Access your property tax information including the most recent assessed value.

http://pic.asrclkrec.com/