Many Pleasanton homeowners, and those throughout the Tri-Valley area, have seen the value of their property decline over the past two years. Unfortunately, a drop in market value does not automatically coincide with a drop in property taxes, as property values are not assessd on an annual basis. Many homeowners are still paying taxes on the previously assessed value of their property.
The Alameda County Assessor’s Office is obligated to align property taxes with current market values. The office is currently conducting a review project to ascertain accurate market values. Here’s a note from the county website:
“Alameda County has been and will continue to be proactive in reviewing assessed values to ascertain whether temporary reductions are warranted. The 2009-10 tax year review project includes all properties that were granted a reduced assessment for 2008-09 and have not changed ownership during 2008. The project also encompasses all those single-family homes and condominiums that were acquired between January 1, 2002 and December 31, 2008. Sales of similar properties that sold near the lien date, January 1, 2009 will be analyzed and compared to properties within the project to determine market value.”
On or before July 1, 2009, homeowners will be notified of their updated assessment. If you believe the assessment is accurate, no action is required on your part. You’ll receive your tax bill in October. If you disagree with the assessment, you may file an Application for Changed Assessment between 7/2/2009 and 9/15/2009.
Click here to visit the Alameda County Assessor’s Office web page.
Click here to read about the Review Project Due to Decline in Value or to find the Application.
Is your home in Contra Costa County? You may have to take a more aggressive approach to lowering your property taxes if you believe the value has declined. Currently, the Contra Costa County Assessor’s Office is not conducting a comprehensive review of property values.
Click here to access the Contra Costa County Office of Assessor’s web page.
Click here for information on how to apply for a reduction in property taxes in Contra Costa County.
