If you have bought a home in the last few years, then the answer is: YES

It’s a simple process that can save you hundreds of dollars a year and has almost no drawbacks.

Under the law, your property taxes can’t go up more than 2% a year, however when housing prices are falling, as they have been over the last few years, your property taxes are supposed to drop too.

If you bought a home before 2002, you probably won’t get a property tax reduction, but if you bought a home in recent years, there’s a good chance you could whittle down your property taxes.

Here’s how to appeal:

When to appeal - There are 2 times of the year for appeals.

The first is an informal appeal period between March 1 and May 30 in which a homeowner files a written request. The results can’t be appealed, but it must be reviewed by July 1, which is the start of the next fiscal year. File no later than May1.

The second time is a formal appeals period in which you must submit a form that is attached. You must submit the form by December 1. 

FORM
 

Documentation Needed

You need a comparable market analysis – homes sales in your area or a recent appraisal. The comparable-home sales should be from the time period between November of last year through March of this year.

What if they reject your appeal?

The laceName>San DiegolaceName> laceType>CountylaceType> assessor says that in cases where the original appeal is rejected, a compromise with the homeowner is reached 90% of the time. For instance, if the homeowner thinks the homes value is $450,000 and the assessor’s office values it at $470,000, the 2 sides could agree on a value of $460,000.

What if you can’t compromise?

Then you have to go through a formal appeal process. This can take up to 2 years, but the tax refund is retroactive.

Some important things to remember

Even if the assessor’s office lowers your property taxes, pay your current bill in full. You will get a refund for the over-payment.

As long as the property values continue to fall, you can appeal on a yearly basis.

If you have done any sort of improvements that have not been taxed before, your property taxes could go up. This is particularly true, if you have owned your home for awhile.

When property values go back up, so will your taxes.

There is no reason to use a company to appeal your taxes, it’s is fairly easy to appeal by yourself – and it’s free.