Marin Real Estate Pulse

If you purchased your home in the past few years you may be eligible to temporally lower your property taxes.  You must act by November 30^th,   so call the Marin County Assessor (415) 499-7215 to verify details.

With all the newspaper headlines you might be tempted to think anyone that owns a home would qualify but it does not work that way.  For the current tax year vales are based on what your home was worth January 1, 2007.  The assessor’s office only looks at closed sales, not how much they are asking for the home next door.  The comparable sales should be plus or minus three months from January 1.

All of this is based on the difference between the current tax value (assessment) and the value of January 1.  If you have owned your home for several years in your assessed value is LOWER (this is true for most homeowners) than the January 2007 value don’t do anything.  Even if you bought your home two years ago you likely will not qualify for a reduction, it really depends on your home, neighborhood, and city.  Novato, and in particular Hamilton have seen reduced values.  From San Rafael south values are similar to two years ago, some more, some less. 

The tax reduction is temporary, only lasting until values go up again.  You can file for a permeate reduction if you have special circumstances.  For example, you bought your home thinking it was in great condition only to find out it needed a new foundation, plumbing and electrical.  Really what that means is you overpaid for your home and it basically did not have anything to do with then current market conditions.  Call the Marin County Assessor for details.

If after reading all this and you think you have a case get the form and visit the Marin County Assessor.  By the way, this applies to all of California. For more information Google “California Prop. 8″.

Have a great Thanksgiving, and let me know if you have any questions on this.  Remember, if you ever need a contractor or service for your home, I keep a list of the good ones.