Proposition 8 - Your avenue for property tax relief
Let’s consider the following scenario: you bought your home very recently and the market in your neighborhood is now softer than when you bought your home bringing the market value of your home under your purchase price. Also, your property taxes are based on that purchase price.
This scenario is unfortunately not so hypothetical for some home owners out there. What to do?
Well, this is where Proposition 8 may come to the rescue. It is important to keep in mind that the Prop 8 reductions in value are temporary reductions.
Every county will different rules and ways of dealing with requests for temporary assessment relief. Links to Prop 8 related pages are below:
For Santa Clara county it would be best to file before June 15, so you have time to appeal.
Filed under: real estate
