For property owners that have suffered a severe decline in market value may be eligible for property tax relief. In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in taxable (assessed) value when real property suffers a decline in current market value. When the market value of a property on the January 1 lien date falls below the assessed value, the assessor is obligated to review the property and enroll the lesser of the two values. If it is determined that the market value of your home is less than its assessed value, your property’s assessed value will be adjusted to the level of its current market value, and consequently, your property taxes will be reduced.
To apply, each county assessor office has implemented its own procedures for Proposition 8 applications. Some county assessors require the filing of a formal application with the inclusion of two comparables sales. Others require the filing of a simple informal form or a written notification. Some only require a phone call.
Be Aware of Scam Artists! There is no fee for this and you should not pay anyone a fee for this service.
Every year the assessor will review your lien date value. The assessed value of a property with a Proposition 8 value in place may increase each lien date by more than the standard two percent maximum allowed for properties assessed under Prop. 13. However, unless there is a change in ownership or new construction, a property’s assessed value can never increase above its factored Prop. 13 base year value after adjusting for the annual increase.
In order to effect a change in value be prepared to provide evidence of the change in value of your property to support your opinion of that market value. The best supporting documents are at least two comparable sales in your neighborhood as close to January 1st of the subject year. The properties you include should have comparable size, amenities, and features to your own. If you do not know where to get this information contact your local Realtor , or visit your Realtor’s website .
If you don’t agree with the outcome you do have some options. You may file a formal appeal with the County Assessment Appeals Board or the County Board of Equalization. These Boards are independent entities established these differences. Appeals must be filed within July 2 and either September 15 or November 30 of the same year. Go to www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf.
The best way to avoid foreclosure related scams is to get tough. Scam artists intentionally seek out the weak and hope to take advantage of you when you are in a distressed situation, such as foreclosure or losing your home and worried you are not going to be able to handle the stress. When you are down and out you will tend to believe anything, even if it sounds too good to be true. This can make you a specific target for the unscrupulous scam artist.
It is important to remember, outwardly scam artists tend to be clean cut, well spoken, and often seem to know a lot more about your situation than you do. They often attempt to lure people by belonging to, or pretending to belong to the same racial, religious, social, or other group as their victims. They will often say or do whatever you want to hear or have them say in a very convincing manner, often agreeing with your plight and seem to empathize with you.
With certain exceptions, someone who charges you a fee to negotiate with your lender on your behalf must be licensed with the California Department of REal Estate. You can do a quick check, or “License Status Check” by going to www.dre.ca.gov. You should also conduct further investigations before doing business with someone offering to help you by checking public records, the Better Business bureau. and the Internet, asking for and verifying references and going to the physical address to verify one actually exists.
Another clue is when someone tries to push you into making a decision right now, or making false deadlines. If they give you a deadline ask to see it in writing from a source you trust. Taking time to ask friends, family, or just discuss the decision with someone else is always a good idea. If and when you do finally sign a document, know what you are signing after you have had a chance to read it, and don’t allow the person to leave without giving you copies of what you signed. Never believe anyone who tells you, “it doesn’t matter what it says in the contract, here is the truth”. A written contract almost always trumps a verbal promise.
Don’t be afraid to ask questions and don’t ever allow someone to talk you into doing something illegal, or let them convince you it’s OK because everyone is doing it. Do not comprmise your position by getting involved in anything underhanded. Once you agree, you will be less likely to blow the whistle on the scam artist if you too are involved in the scheme. The bottom line is the more you know about foreclosures, the less likely you will be duped.
David Ormonde’s Real Estate and Dinner Blog for the Central Valley and Tracy
Contrary to popular beleif, the average price per square foot for Tracy CA dropped - Currently at $119, a decrease of 1.7% compared to the same period last year. The median sales price for homes in Tracy CA for Dec 09 to Feb 10 was $234,000 based on 630 home sales. Compared to the same period one year ago, the median home sales price increased 0.4%, or $1,000, and the number of home sales decreased 27.5%.
There are approximately 286 resale and new homes in Tracy, including 1,095 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Tracy CA was $302,839 for the week ending Mar 10, which represents a decrease of 0.9%, or $2,738, compared to the prior week.
Here is what that looks like graphically according to Trulia:
Market View for Tracy
Avg. Listing Price $302,839 Wk ending Mar 10
-$2,738 0.9% median Sales Price $234,000 Dec ‘09 – Feb ‘10
Most popular zip codes Avg. listing price Week ending Mar 10
Selling a luxury home in today’s challenging market is even more difficult than ever because the cost of marketing the luxury home needs to be in check with the shrinking number of actual sales. Locally, in the Central Valley of California the number of luxury homes compared to all others is very small and very few agents specialize in marketing luxury homes because it is a very specialized market.
The steps in selling a luxury home include many of the same steps needed to sell any other home, except that your audience may be very different and the level of expectations may vary greatly. In addition to the usual preparation, the following recommendations can bring a better price and a faster sale:
Pretend your home is a model home. How does it compare?
Does the entry to your driveway and entrance look impeccable?
Do you have color brochures (preferably books) available in a "Marketing Center" of the home for buyers to see and take with them?
Do you have a virtual tour and/or a video of the home and grounds for buyers to preview?
Is your home readily available for viewing at all web portals?
Do you have a website for your property (i.e. www.123Paradise.com)
To view marketing ideas for your luxury home go to www.SellThisLuxuryHome.com or visit www.DavidOrmonde.com
Also, see related information below:
http://books.google.com/books?hl=en&id=MfdCzE2KhQIC&dq=luxury+homes&printsec=frontcover&source=bll&ots=p6M8cCiy5K&sig=Ip6FF_3WwPnlHyUG1Kf0O184zK0&sa=X&oi=book_result&resnum=11&ct=result#PPP1,M1
http://books.google.com/books?hl=en&id=4zmr6Hl14AQC&dq=luxury+homes&printsec=frontcover&source=bll&ots=qPm4-Iv0L1&sig=r3kvC9T2t6mzBzXOm-tNj6XXvog&sa=X&oi=book_result&resnum=12&ct=result
http://www.luxuryhomemagazine.com/index.cfm
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