Given the decline in housing prices during the past 1-2 years homeowners likely qualify for a re-assessment of their property taxes. While each state and county regulations will vary homeowners can simply contact their county or city tax collector's office (on-line, via phone or in-person) to request a re-assessment.
In the case of San Mateo County in the San Francisco Bay Area the representative at the county tax collector's office will direct you to an online web-based form used to submit your request. Typically within 4-6 months the county will send out an appraiser to assess your property value. Any change - quite likely a decline in property value - is reported to tax collector's office and a revision to the semi-annual property tax bill will be made. This simple and quick approach potentially can lead to a reduction - in this housing market - of hundreds of dollars, giving you and your family more cash to invest, tithe or pay down debt.
Tuesday, May 26, 2009
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