Property tax relief possible

SAN DIEGO — San Diego County Assessor Gregory J. Smith would like to remind property owners that tax relief is still available if a property’s market value has fallen below its assessed value.

A property’s assessed value is shown in the upper right-hand corner of the owner’s current tax bill. For all practical purposes, this only affects those property owners who purchased their property at the height of the current real estate market.

Under state law (Proposition 8), a temporary reduction in assessed value can be made when the market value falls below the assessed value. Once reduced, the Assessor’s Office must then annually review the value of the property. When the property values increase, the assessed value will also be increased but no higher than the original assessed value (plus the annual Consumer Price Index increase, not to exceed two percent, as required by Proposition 13).

Smith notes that numerous private businesses and individuals are currently mailing solicitations to property owners offering their assistance in this process for a fee. While property owners are certainly at liberty to use these private companies, they can apply for this reduction themselves at absolutely no cost simply by filing directly with the Assessor’s Office by May 30.

Property owners who believe their property’s market value has fallen below its assessed value should file an Application for Review of Assessment with the Assessor’s Office as soon as possible but no later than May 30. They should provide their opinion of value and supporting documentation, such as comparable sales, current listings or a recent appraisal.

For apartments or other income-producing property, income and expense information should also be provided.

This application is available on the Assessor’s Web site at http://www.sdarcc.com, in Assessor’s branch offices or by phoning the Assessor’s Office at (858) 505-6262.