Home Prices Fall to 2000 Levels - Property Tax Reduction Possible

The most recent Case Shiller Index that was published with data ending January 2009 gives some startling evidence of how much home values have fallen in California. The San Francisco Metro has fallen back to November 2000.

Analyzing this data is critical if you want to lower your property taxes as it shows how far back in time prices have fallen. By implication if you bought prior to this time chances are that the value of your home is below the price you are being assessed. By taking action under Proposition 8 you may be entitled to a reduction in your property taxes.

Here is the data for the major CA metropolitan areas. The source is http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_033114.xls

Los Angeles:

Index as of January 2009: 166.54
Last time this level: September 2003

San Diego:

Index as of January 2009: 148.25
Last time this level: April 2003

San Francisco:

Index as of January 2009: 124.33
Last time this level: November 2000

Of course the metropolitan areas covered by Case Shiller are large - as it is doubtful that the Silicon Valley areas have dropped as much as the East Bay areas.

The KEY point is that anyone who has bought a home this decade should make sure that their assessed value is not greater than the market value.

Visit www.lowercaliforniapropertytax.com to find out how to reduce your property taxes for free.