Riverside County 2008-2009 Assessed Value

[TemekuT]

I received the Prop 8 “Notification of 2008-2009 Assessed Value Adjustment Due to Decline In Value” notice today for my Temecula home. The home was purchased January 2005, which was unfortunately near the peak. The notice adjusts the value from the 2008-2009 value down to within $1000 of the FY 2005-2006 purchase price, for a total decrease of 5.5% off of the highest value per Prop 13 automatic 2% annual increase in FY 2006-2007 and 2007-2008, and oddly, 2008-2009. This is truly hilarious, for in a best case scenario I might be able to sell this home for $100,000 less than I paid for it. I sent in comps FROM MY STREET reflecting the current market value when I requested a change in value.

So how did everyone else fare with their Prop. 8 adjustment?

[vizcaya]

I recieved my new assesed value as well. I bought a Bank owned back in Oct of 2007, the home was being sold at 25% from peak of the 2005 price. My price was $420k, the new assesed value is $389k.

I believe by this time next year, the value should be assesed at $300-$320k.

[vizcaya]

I recieved my new assesed value as well. I bought a Bank owned back in Oct of 2007, the home was being sold at 25% from peak of the 2005 price. My price was $420k, the new assesed value is $389k.

I believe by this time next year, the value should be assesed at $300-$320k.

[vizcaya]

I recieved my new assesed value as well. I bought a Bank owned back in Oct of 2007, the home was being sold at 25% from peak of the 2005 price. My price was $420k, the new assesed value is $389k.

I believe by this time next year, the value should be assesed at $300-$320k.

[vizcaya]

I recieved my new assesed value as well. I bought a Bank owned back in Oct of 2007, the home was being sold at 25% from peak of the 2005 price. My price was $420k, the new assesed value is $389k.

I believe by this time next year, the value should be assesed at $300-$320k.

[vizcaya]

I recieved my new assesed value as well. I bought a Bank owned back in Oct of 2007, the home was being sold at 25% from peak of the 2005 price. My price was $420k, the new assesed value is $389k.

I believe by this time next year, the value should be assesed at $300-$320k.

[EconProf]

TemekuT: It sounds like you got a voluntary reassessment for your property value as of January of this year (for tax payments due in Dec. and next April). It does NOT sound like this is a response to your appeal.
We must be careful about the dates here because it gets tricky. Your appeal, presumably filed last November, was based on your claimed value as of January of that year. I believe you have not yet got an answer on that. Expect a call from the Assessor’s office with an offer to compromise. If you don’t agree, then you are entitled to a hearing.

[EconProf]

TemekuT: It sounds like you got a voluntary reassessment for your property value as of January of this year (for tax payments due in Dec. and next April). It does NOT sound like this is a response to your appeal.
We must be careful about the dates here because it gets tricky. Your appeal, presumably filed last November, was based on your claimed value as of January of that year. I believe you have not yet got an answer on that. Expect a call from the Assessor’s office with an offer to compromise. If you don’t agree, then you are entitled to a hearing.

[EconProf]

TemekuT: It sounds like you got a voluntary reassessment for your property value as of January of this year (for tax payments due in Dec. and next April). It does NOT sound like this is a response to your appeal.
We must be careful about the dates here because it gets tricky. Your appeal, presumably filed last November, was based on your claimed value as of January of that year. I believe you have not yet got an answer on that. Expect a call from the Assessor’s office with an offer to compromise. If you don’t agree, then you are entitled to a hearing.

[EconProf]

TemekuT: It sounds like you got a voluntary reassessment for your property value as of January of this year (for tax payments due in Dec. and next April). It does NOT sound like this is a response to your appeal.
We must be careful about the dates here because it gets tricky. Your appeal, presumably filed last November, was based on your claimed value as of January of that year. I believe you have not yet got an answer on that. Expect a call from the Assessor’s office with an offer to compromise. If you don’t agree, then you are entitled to a hearing.

[EconProf]

TemekuT: It sounds like you got a voluntary reassessment for your property value as of January of this year (for tax payments due in Dec. and next April). It does NOT sound like this is a response to your appeal.
We must be careful about the dates here because it gets tricky. Your appeal, presumably filed last November, was based on your claimed value as of January of that year. I believe you have not yet got an answer on that. Expect a call from the Assessor’s office with an offer to compromise. If you don’t agree, then you are entitled to a hearing.

[TemekuT]

Econ Prof, I filed the Prop. 8 “Decline-in-Value Reassessment Application” on 03/28/08. The instructions specified the comps had to be as of January 1, 2008, but no later than March 31, 2008, so my comps were timely and relevant. It appears the reassessment I received was a blanket response to the changing property values as it was bulk applied to my neighborhood and not a response to my reassessment request. I am going to file an appeal soon.

The form indicates the voluntary reassessment is for FY 2008-2009, that is, July 1, 2008 through June 30, 2009. That is why I am flummoxed that the 2% Prop 13 allowed increase in assessed value for FY 2008-2009 was added in and then backed out in calculating the Prop 8 assessment. What a way to increase the tax basis a wee bit!

[TemekuT]

Econ Prof, I filed the Prop. 8 “Decline-in-Value Reassessment Application” on 03/28/08. The instructions specified the comps had to be as of January 1, 2008, but no later than March 31, 2008, so my comps were timely and relevant. It appears the reassessment I received was a blanket response to the changing property values as it was bulk applied to my neighborhood and not a response to my reassessment request. I am going to file an appeal soon.

The form indicates the voluntary reassessment is for FY 2008-2009, that is, July 1, 2008 through June 30, 2009. That is why I am flummoxed that the 2% Prop 13 allowed increase in assessed value for FY 2008-2009 was added in and then backed out in calculating the Prop 8 assessment. What a way to increase the tax basis a wee bit!

[TemekuT]

Econ Prof, I filed the Prop. 8 “Decline-in-Value Reassessment Application” on 03/28/08. The instructions specified the comps had to be as of January 1, 2008, but no later than March 31, 2008, so my comps were timely and relevant. It appears the reassessment I received was a blanket response to the changing property values as it was bulk applied to my neighborhood and not a response to my reassessment request. I am going to file an appeal soon.

The form indicates the voluntary reassessment is for FY 2008-2009, that is, July 1, 2008 through June 30, 2009. That is why I am flummoxed that the 2% Prop 13 allowed increase in assessed value for FY 2008-2009 was added in and then backed out in calculating the Prop 8 assessment. What a way to increase the tax basis a wee bit!

[TemekuT]

Econ Prof, I filed the Prop. 8 “Decline-in-Value Reassessment Application” on 03/28/08. The instructions specified the comps had to be as of January 1, 2008, but no later than March 31, 2008, so my comps were timely and relevant. It appears the reassessment I received was a blanket response to the changing property values as it was bulk applied to my neighborhood and not a response to my reassessment request. I am going to file an appeal soon.

The form indicates the voluntary reassessment is for FY 2008-2009, that is, July 1, 2008 through June 30, 2009. That is why I am flummoxed that the 2% Prop 13 allowed increase in assessed value for FY 2008-2009 was added in and then backed out in calculating the Prop 8 assessment. What a way to increase the tax basis a wee bit!

[Author]

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