At Prop.ORG we realize that most owners are not familiar with the laws and regulations under Propisition 8 and that you may have several questions about the law and how the process works. Here are some of the most fequently asked questions that our clients have had that will help give you a better understanding about the process. If you have any additional questions please do not hesitate to contact us.
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Any owner of real California property whose assessed value is greater then the properties current market value can save money by lowering their property taxes. Chances are if you bought property within the past few years the purchase price was used as the assessed value and if market values have dropped in your area, you can save with Prop 8.
Proposition 8 (AKA Revenue and Taxation Code Section 51) requires the county assessor to enroll the lower of either the propertys Factored-Base-Year Value (assessed value established under Prop 13) or its market value as of the lien date (Prop 8 value).
No. Single family, 2nd home, non-owner occupied, land, commercial, industrial, investment, agricultural, mixed use, condo, town home, patio home, etc. All owners of real property in California that pay property tax can save with Prop 8.
No. You are not getting a new mortgage. Prop 8 has nothing to do with your mortgage and even property owners that own their properties free and clear can save money by lowering their property taxes.
Maybe. Appraisals for mortgage and refinance are sometimes abbreviated reports that do not always contain the best admissible data needed or accepted by the county.
No. Prop8.ORG provides you with everything you need to file all of the paperwork yourself or become your agent of service and take care of everything on your behalf.
No, the assessed value and appraised value are not directly related. Take advantage of the declining real estate market today and let Prop8.ORG help you save while you still can.
No. Filing for a reduction does not affect other real estate tax exemptions. Existing benefits will continue, and your eligibility for new benefits is not compromised.
No. It does not matter if you have good or bad credit, your income and assets are not considered. All property owners whose assessed values are higher then their fair market values can save with prop 8.
Yes, property owners with impound accounts can still save money by lowering your property taxes. Once the assessor agrees to reduce your property taxes, simply submit the county paperwork showing your new lower property tax amount to whomever you pay your mortgage payment to. Your mortgage service provider will then adjust your monthly payment accordingly resulting in lower monthly payments.
The assessor is required to review the temporary Prop 8 value each lien date following the initial reduction. The Prop 8 value can be further reduced or increased depending on the propertys market value as of the lien date. Just as there is no limit on the amount of reduction, there is no limit to the amount being restored to the Factored-Base-Year Value.
Yes, just as there is no limit to the amount of reduction when arriving at market value, there is no limit to the amount being restored when market value increases, up to the factored Proposition 13 base year amount.
No, once you have been granted a reduction pursuant to Prop 8 the next years value will automatically be reviewed. A Notification of Assessed Value will be sent in July, which will indicate the findings.
Prop 8 (now California State Revenue and Taxation Code Section 51) requires the Assessor to compare each propertys Factored-Base-Year value (Prop 13 value) with the current fair market value (Prop 8 value), and enroll the lesser of the two each and every year.
Once a property value has been lowered under Prop 8, the next years assessed value will be automatically reviewed by the county. The lower of current market value and Factored-Base-Year Value will be enrolled. Your property taxes could continue to go down without ever having to file another appeal.
The taxable value reduction to market value is temporary and the assessor is required to review the market value of the property each lien date after the reduction, until such time as the Factored-Base-Year Value is less than or equal to the market value. Unless there is a change in ownership or new construction, the increase in value cannot exceed the original assessed value plus the annual inflationary factor not to exceed 2 Percent per year. You will never have to pay more in property taxes than legally required by law.
No, the total property value must be considered. Only total assessed value can be compared. The lower of total property current market value and total property assessed value is enrolled.
Yes. All plans offered by Prop8 Associates, LLC come with an iron clad Money Back Guarantee. If we are unable to obtain a reduction in your property taxes, we will give you a complete refund! We stand behind our services 100%. You have nothing to lose!
Yes. You or anyone you appoint as your agent can file a tax appeal on your behalf. However, be aware that your success you have will depend on you knowledge of assessment appeal rules and procedures, the quality of supporting market data and analyses presented. You must then present an argument to the County Assessors office. If your appeal gets denied you must be prepared to present a persuasive argument to the Assessment Appeals Board. Most people who file the appeal themselves will end up saving about 10% on their property tax bill. Hiring a professional can get you a savings of 20%-50% depending on your purchase price and your current assessed value.
Ventura County
Santa Barbara County
Temescal Valley/Corona/Fontana/Rancho Cucamonga
Lake Elsinore/Murrieta/Temecula
North Orange County
South Orange County
Central Orange County
Los Angeles County
San Diego County
In Central/ Northern California:
Sacramento
Stockton
Modesto
Salinas
Visalia
