The coming property tax revolt
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It may not happen this year, but it will happen: Californians who bought homes in the past two or three years will demand lower property taxes when they realize the value of their home has fallen since they purchased it. Franklin Avenue explores the issue here:
‘I’m starting to wonder whether it’s time yet to evoke the ‘decline in value’ statute in the assessment processs:
‘If you have evidence that the market value of your property on January 1, 2007 is less than the assessed value shown on this tax bill, you may request a review for the 2007-2008 fiscal year. The filing period is January 1 through December 31, 2007.’’
More: ‘... next year, the county should probably brace for a whole lotta ‘decline in value’ submissions. Because if the market continues to decline, I’m sure as hell not going to continue to reward the county just because I had the unfortunate luck of finally having enough money to buy a house in 2004.’
The New York Times explores this issue from a national perspective here -- noting that the mayor of Chicago is pushing for a 15% property tax hike to make up for revenue lost in the housing downturn. Evidently Chicago -- unlike California -- has the novel idea of taxing property based on what it is worth. (Sorry, we tried to make it through this post without a dig at Prop. 13, and we failed).
Thoughts? Comments? Anybody out there filing one of these ‘decline in value’ requests? Email story tips to lalandblog@yahoo.com
Hat tip: silverfern
Photo Credit: Franklin Avenue