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Save $$$ with an Assessment Revaluation

Since any increase or decrease in assessed value will impact the amount of property taxes you pay, it is very important to contact the Assessor’s Office if you feel that the assessed value exceeds the market value of your property.

In Santa Clara County, a Notification of Assessed Value (indicating the taxable value of each property) is mailed (via postcard) at the end of June to all property owners. A taxpayer who disagrees with the assessed value on the Notification Card may request a review by presenting to the Assessor’s Office by August 15, of the current assessment year, any pertinent factual information important to the determination of the property’s market value (as of the January 1 lien date).

After August 15, taxpayers are advised to file an assessment appeal with the Clerk of the Board to request a reduction in the assessed value. The matter will then be set for hearing before the local Assessment Appeals Board. Each three member Assessment Appeals Board, which is independent of the Assessor and trained by the State Board of Equalization, consists of private sector property tax professionals, CPA’s, Attorneys, and appraisers appointed by the Santa Clara County Board of Supervisors.

Appeal applications must be filed between July 2, and September 15, with the Clerk of the Appeals Board (Clerk of the County Board of Supervisors). To appeal a roll correction or supplemental assessment, typically triggered by a change in ownership or completed new construction, the application must be filed within 60 days of the date of the notice.

Click>here for a link to Santa Clara County Assessors office website with a video on the process and pdf pamphlet. 

If you need comps for your property within 90 days of January 1st, please call Rick Bonetti at 408-857-8800 or send me a note mailto:rbonetti@apr.com.

Please note: because of the very limited number of sales in the forth quarter of 2008, there may not be adequate for an appraisal as of 1/1/09, but there is more recenent data showing delines in local home values.  As examples of some homes on one acre or larger lots in Saratoga, Monte Sereno, Los Gatos Areas:

16101 Matilija Dr., Monte Sereno was purchased 4/16/03 for $2,580,000 and sold 5/7/09 for $2,100,000 – a 19% drop.

18500 Aquino Way, Saratoga was purchased 9/13/00 for 2,650,000 and sold 4/16/09 for $1,900,000 – a 28% drop.

18850 Ten Acres Rd., Saratoga was purchsed 4/8/05 for $2,077,000 and sold 4/30/09 for $1,700,000 – a 18% drop.

15621 Lomas Ln, Los Gatos was purchased 3/31/04 for $1,800,000 and sole 4/9/09 for $1,620,000 – a 10% drop.

Silicon Valley’s westside real estate market has been largely untouched by foreclosures, but home values have been hurt by curtailed lending of large mortgages. Without them, many “move-up” buyers are sidelined, reducing demand and lowering asking prices in order to get the home sold. Large loans were 10.5% of home purchase mortgages in California in April 2009, down from about 38% in the first-half of 2007 before the credit crunch hit lenders, according to real estate information service MDA DataQuick.