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Written by HMDH
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 Home prices have skyrocketed during the last four years, and those who purchased a home during this period now face a greater problem: high property taxes.
Recently, home prices have become stable and in some cases have declined significantly. Despite the difficulties that come with the decline in home prices, a homeowner can find relief in property taxes. If you bought a home, condominium, apartment complex, or business during the last four years, you can reevaluate your property and reduce your tax payment.
Many are not aware that Proposition 8 gives the Los Angeles County Property Tax Portal power to reevaluate your property if the price is lower than the original value.
What is Proposition 8 and How Does It Work?
It is a constitutional amendment which allows a temporary price decrease when the value of a property drops. This happens when the price of the property is greater than the price on the Real Estate market. In order to obtain a reevaluation of the property, the owner must show valid proof that the price has dropped. Where Can I Get the Necessary Forms?
Homeowners must be careful when submitting documents and information to obtain this benefit. All forms and applications can be obtained in the Kenneth Hahn Hall of Administration located at 500 W. Temple St., #225, Los Angeles, CA 90012, as well as other district offices.
Determining the Value of a Property
To do this, you must present comparable home sales. A comparable sale is a sold property which has similar characteristics as your property. For example, location, zone, dimensions, number of bedrooms, condition, etc. You can choose two of these comparable sales that have been sold after January 1st, 2007 but no later than March 31st of the same year. If you obtain a property price reduction, you must be aware that it is only temporary and will last about one year. After this, the interest rate will be checked every January 1st in order to verify if the conditions that allowed the price reduction are still valid.
At the end of this process, you will have a property tax reduction, appreciated by any homeowner due to the current high mortgage payments. |
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BUYING YOUR HOME 