Monday, March 29, 2010

317,000 properties to get tax-cut review, why not you? Heres how..

The Orange County Assessor’s office has announced plans to review the taxable value of 317,000 parcels this year to determine if their owners are eligible for further property tax cuts.

That’s 35% of the nearly 900,000 real estate parcels in the county.

Properties scheduled for review include most homes purchased in 2002 or later, the Assessor’s Office said. Some commercial properties also will be included in the review.

Property owners are eligible for a reduction if the market value of their homes falls below the taxable value on the county tax roll. But their taxes can go up — even when their property values are going down — if their tax value is less than what they could sell their homes for on the housing market.

The announcement marks the beginning of the assessment process for the 2010-11 tax year. Other comments included in the assessor’s announcement include:

  • Homeowners can check on the assessor’s Web site at www.ocgov.com/assessor to see if their property will be reviewed for a possible tax reduction. Commercial property owners will not be able to check on the Web site for a possible review, however.
  • A Frequently Asked Questions section of the Web site explains the assessment and tax process, as well as how tax-limitation measure Prop. 13 works.
  • There is no fee or paperwork required to be included among the 317,000 homes. However, if your property is not included and you wish to be added for a review, you have until April 30 to file a one-page informal request for a property tax review.
  • Don’t pay a private company to request reviews that the Assessor’s Office does for free. Many of these companies are scams or charge excessive amounts for a service most property owners can easily do themselves.
  • For more information, visit the assessor’s Web site or call 714-834-2727.

Posted via web from The Newport Beach Lifestyle

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