There has been much media attention about declining property values.  As a result I am starting to be asked if it makes sense to appeal for a reassessment of property values.  Here are some basics to get you started:

The lien date for the assessment of property on the assessment roll is 12:01 AM, on January 1 of each year.   Homeowners are now starting to receive notification from the Santa Clara County Assessor of January 1, 2008 assessed value of their home.

If you think you are a candidate for a reassessment of value you have until June 15th to request a Prop 8 (decline in value) review.  If a value reduction is appropriate, as determined by the Assessor prior to July 1st, the value can be changed and a new notice mailed.  After that date, or if the Assessor does not agree to a reduction, you must apply to the Assessment Appeals Board for relief.  Call 408-299-5300 to speak with the Assessor’s office.

The assessment roll is delivered to the County Controller July 1 and the period for filing application for assessment appeal hearing with the Clerk of the Appeals Board is from July 2 through September 15. 

The procedutes for county assessent appeals are set by the State Board of Equalization. There is a $30 filing fee for each assessment appeal application.  The scheduling of a hearing could take up to two years from your original filing date by law, but the Assessor’s Office can reduce your assessment prior to a hearing (stipulation) and you can agree to the reduction of your assessment.  You may initiate an “exchange of information” regarding the assessed value of the property containing the basis of your opinion of value. 

To be considered comparable sales must be sufficiently near in time to the valuation date (cannot include any sale more than 90 days after the lien date).  Comparable properties also need to be located sufficiently near the property being valued, and sufficiently alike in respect to character, size, situation, usability, zoning or other legal restrictions as to use to make it clear that the properties sold and the properties being valued are comparable in value.

Click >here for a link to the Santa Clara County Assessors office to download pdf files on frequently asked questions, the application form and step-by-step guide for making application for a formal appeal.

Call Rick Bonetti at 408-857-8800 if you need assistance in determining appropriate comps for your use.