County Says Some Residents Eligible For Lowered Property Tax Rate Under Prop. 8

Want to find out if you qualify for a lower property tax rate?

Property tax law provides certain protections for taxpayers when property values decline. Under Proposition 8, qualifying properties are given a temporary reduction in their taxable value, which translates into a lower property tax, according to the Riverside County Assessor-County Clerk-Recorder’s office.

“The decline in residential property values throughout Riverside County has resulted in many reduced assessments,” according to the Riverside County Assessor-County Clerk-Recorder’s office.

A reduced or "decline-in-value" assessment occurs when the current market value of your property is less than the assessed value as of January 1.

“The County Assessor is reviewing thousands of residential properties this year to ensure that fair and equitable assessments are provided for Riverside County taxpayers,” according to the Assessor-County Clerk-Recorder’s office.

The office is looking at single-family residences, manufactured homes and condominiums purchased between January 1, 1999 and December 31, 2010, as well as all other properties that received a decline-in-value reassessment last year.

To find out if your property is automatically being reviewed, click here.

The results of the review will be made available online in July. The review applies to the assessed value as of January 1, for fiscal year 2011-12 that will be billed December 10, 2011 and April 10, 2012.

If your property does not meet the criteria above for review and you believe the value should be lowered, the Assessor-County Clerk-Recorder’s office is encouraging residents to file a Decline-in-Value Reassessment Application (Prop. 8).

The filing deadline for a Decline-in Value Application for FY 2011-12 is September 1. Once received, the Assessor-County Clerk-Recorder’s office will review your request and provide written notification regarding its findings.

The Assessor-County Clerk-Recorder’s office is encouraging property owners to await the results of its review before filing a Decline-in-Value Reassessment Application.

If your property is included in the review, no application is necessary.