Getting Palo Alto home value reassessed for tax Palo Alto Issues, posted by Ada, a resident of the Midtown neighborhood, on Sep 14, 2009 at 12:04 pm
We bought our PA house less than 5 years ago and applied first for informal Prop 8 value review which was denied by County Assessor.
We are now considering filing the formal Application for Changed Assessment based on declined value (deadline is Sep 15).
Is it it even worth trying?
The costs basis of the house for property tax has risen by $115K, but we disagree that the market value of the house rose that much. Our next door neighbors have been trying to sell their house for the price similar to what we paid for ours 5 years ago, but couldn't, the house is still on teh market for more than 2 months.
I wonder if anyone has been successful in having value of the house reassessed in Palo Alto and can share the tips.
Posted by palo alto mom, a resident of the Embarcadero Oaks/Leland neighborhood, on Sep 14, 2009 at 6:09 pm
Gather 3 comparable sales between Oct 1 and March 31, 2009 (90 days before and after Jan 1st), do a analysis of the price per square foot and compare them to your assessed value on January 1st. If the value of the comps is lower then your assessed value, you might have a case. You will need to either mail it or bring it to the county by tomorrow, if the comps come out lower, its probably worth the $30 fee to apply.
Posted by Jenny, a resident of the Charleston Gardens neighborhood, on Sep 14, 2009 at 9:25 pm
Ada resident of Midtown: I hate to dispel a myth but your home has NOT decreased in value over the last five years. If you request a reassessment from the assessor's office they may, in fact, increase your assessed value.
I live in Charleston Gardens where four small Eichlers have been sold this Summer, all for around $1 Million which is an increase over last year.
Good luck, but don't work too hard on this, your assessed value may have increased not decreased.
Posted by Ada, a resident of the Midtown neighborhood, on Sep 15, 2009 at 9:01 am
Palo Alto Mom, I have done exactly that for informal Prop 8 value review - showed 3 comp sales all in our neighbourhood which sold in Jan-Feb for $300K less than what we bought our house 5 years ago, but were still denied.
Jenny, houses around a million could still hold value. Mine is in a different price bracket.