Residents who bought their home in Orange County in the past 3 years may find themselves with the somewhat good news of a temporary reduction in their property taxes. The county is allowing homeowners who believe their actual value is less than the assessed value to go through an informal review in order to possibly lower their taxes.
The form is available from the county, or clicking on our link for the Request for Informal Assessment Review.
The deadline is quickly approaching - March 30, 2008!
A few things to remember:
1. Your assessed value may already be below the market value depending on when you purchased your property or had it significantly reassessed due to remodelling, etc. Find your assessed value at the county’s Tax Collector page.
2. Any victory will be short lived. Your property will jump back to the earlier (higher) assessed value when property begins to climb again. You will not be able to enjoy the cost of living maximum allowance of 2% per year dictated by Prop. 13.
Here is Dataquick’s chart showing the property taxes for a Prop. 13 home versus the median sales price home in Orange County in just seven years.
orange county property taxes prop 13
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