Clark’s property tax bill increased by 50% this year. What about you? Are you planning to appeal your property tax assessment this year, or have you successfully fought a tax hike in the past?
The pertinent question is NOT how much your taxes went up, it’s whether you honestly think the county’s assessed value is higher than market value. And do you have valid support for a lower value, with an appraisal or pertinent sale comps.
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In California, one can appeal their tax assessment by using Proposition 8. This prop was enacted in 1978 during the prop 13 ballot.
Having used it on my own numerous times, I can say it helps with the tax bill, especially during real estate downturns. Or course, the lower assessed value is only a temporary credit that diminishes as the property values increase.
I bought my house in a down market and did extensive renovations to it. 10 years later my assessment is well below market and it’s near impossible to find comps that would help me, at least not in my area. Mine has gone up over the years. If I sold my house the new owner would see about a 50% increase over what I was paying. I’m sure at some point I’ll get reassessed, but until then . . . .
I appealed my property valuation several years ago. My house is old and no significant updates. I sent photos and descriptions. It was done over the phone, with the mayor and several other officials. I felt they didn’t even really consider my appeal and denied it, had already pre-decided, regardless of the facts. I wanted to ask if any one of them would buy my house for the assessed value ! I’m sure none would have !
Call you tax assessment office after you file an appeal request as they are likely to place conditions on what information they’ll accept during your appeal. I appealed and gather recent sales of near the same sq footage and all of it was tossed as they only accept sales from the prior year - the year the value was assessed. Also, there was a code used to determine my applicable “neighborhood” the assessor could use when deterring value - it seemed quite large covering neighborhoods with much higher housing values, and they couldn’t provide a map of the neighborhood’s boundaries.