[quote=pemeliza]I am not asking for a temporary reassessment to market value, rather I am challenging the assessment that occurred as part of the transfer of ownership last fall. As far as I know these “initial” assessments are limited to 2% a year change regardless of whether or not the market improves.
I went back and looked at all of the sales in my neighborhood going back 6 months and forward 3 months. The only way they could have possibly got the price they did was to use “turn-key” properties that were heavily upgraded which our house is not.
My personal opinion is that they are basing their estimate of value on the fact that the property tax valuation was once in the stratosphere and they just can’t accept that prices really have come down that far.
Thanks for all the advice … we plan to fight this with every means we have available.[/quote]
pemeliza, I have not sought out the exact RevTax Code in the CA legislation that applies to Adjusted Base Year Value upon filing of a Change of Ownership form (done in escrow on an “arms-length” sale),” but I believe it is entirely possible that Mission Hills was NOT AMOUNG the assessor’s parcel maps that were/are eligible for the “Decline in Value Assessment Program.” I know my area was/is eligible as some of my neighbors who are NOT Prop. 13 eligible received automatically-lowered tax bills last fall. (I did too, but mine was nearly $1000 lower due to a stipulated agreement upon appeal, foregoing my right to a hg.) My appeal was filed July 2008 and I was presented with and signed the agreement just after Thanksgiving 2009 (just before the first installment of FY 09/10 taxes were due).
In addition, I do not believe the “arms-length” transactions involving trustees sales, probate sales or purchase of REOs qualifies the property for the “Decline in Value Assessment Program” if the surrounding parcel map(s) do not qualify. Do not know about short-sales but would assume they DO QUALIFY. Any Piggs know??
In any case, you have only 60 days from the postmark on your supplemental bill to file an appeal on it, so don’t let the co. appraiser string you along.
Who knows? Maybe you’ll succeed in getting your particular parcel map included in the DVAP 🙂
