We are frequently asked about the effect an appraisal we complete may have on a property's tax assessment. Generally speaking, property taxes are based on your "assessed" value, which is determined by the County Tax Assessor. They are most commonly affected when there has been a change of ownership, permitted remodeling/additions, or permitted new construction. An appraisal completed by our company for the purpose of a home loan or other typical private valuation purpose will not affect the "assessed value" of your property, and therefore the tax amount will not be affected. Property taxes can sometimes be reduced as the result of special exemptions that may be offered, or if there has been significant damage to your property, or if you believe that the market value of your home is below your assessed value. To appeal or dispute your assessed value, you should contact your County Tax Assessor for more information. You may also contact us at Parkside Appraisal Services, Inc should you wish to discuss documentation of your home's fair market value.
DECLINE IN PROPERTY VALUE (Proposition 8) The assessed value of a property should never be higher than the property's value on the open market. Occasionally, market forces and other factors will cause a property's value to decline significantly enough to create that situation. In these cases, the Assessor may lower the assessed value of any real property if it is higher than the market value as of January 1st. The "Decline in Value Assessment Program" (Proposition 8) allows for a temporary reduction in assessed value.
If you believe the market value of your home has has declined, and is below your assessed property tax amount, you may be eligible for a temporary reduction in your property taxes. Each case is reviewed individually by the County Assessor at the request of the property owner. Click on the following links for more information from your county tax assessor. Parkside Appraisal Services, Inc can offer you affordable assistance in documenting your home's market value. Feel free to contact us for more information.