The Case-Shiller index confirms what every Californian homeowner knows - with very few exceptional areas the price of homes has dropped across the state. The Case-Shiller index reports for the following Metropolitan areas in California the following drops:
Los Angeles: -8.8% 1 year change (Oct. to Oct.)
San Diego: -11.1% 1 year change
San Francisco: -6.2% 1 year change
January 1st marks the date on which the County Assessor will reassess your property at the Proposition 13 mandated 2% increase. The data confirms that this year Proposition 8 which allows homeowners to reduce their properties assessed value due to a "decline-in-value" will be utilized in record numbers.
For a California homeowner who purchased their home at the bubble prices of the past three years, the difference betweeen a Proposition 13 mandated increase of 2% and a Proposition 8 decline in value of 8% could amount to as much as $1012. (Assumed home purchased for $750,000 with a 1.35% property tax rate).
You must take action otherwise Proposition 13 increases will automatically take place. Contact us today for a no obligation evaluation of your potential savings.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment