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From the SD County Assessor – I am happy to provide comps:

The County Assessor’s Office wishes to notify property owners that tax relief is available if their property’s market value has fallen below its assessed value. Your property’s assessed value is shown in the upper right hand corner of your current tax bill. For all practical purposes, this only affects those property owners who purchased their property at the height of the current real estate market.

Under State law, a temporary reduction in assessed value can be made when the market value, as of January 1, 2010, falls below the assessed value.  

Once reduced, the Assessor’s Office must then annually review the value of the property until the Proposition 13 value is fully restored (adjusted with the annual CPI, not to exceed 2%). Consequently, a new request for review is not required if your property currently has a temporary reduction under this provision.

Property owners who believe their property’s market value has fallen below its assessed value should file an Application for Review of Assessment with the Assessor’s Office as soon as possible but no later than May 14, 2010.  They should provide their opinion of value and supporting documentation, such as comparable sales, current listings, or a recent appraisal indicating the value as of January 1, 2010.  Ideally, comparable sales should have occured between 10/1/09 and 3/31/10.

You can apply for this reduction yourself, for free, directly with the Assessor’s Office.  Numerous private businesses and individuals mail solicitations to property owners offering their assistance in this process for a fee.  While property owners are certainly at liberty to use these private companies, they can apply for this reduction themselves at absolutely no cost.

This application is available at this link, in all the Assessor’s branch offices, or by phoning the Assessor’s Office at (858) 505-6262.  When complete, please return the application no later than May 14 to San Diego County Assessor/Recorder/Clerk, 1600 Pacific Highway, Suite 103, San Diego, CA 92101.

Property owners who apply for this temporary reduction will be notified of the results of their request no later than July. If they still disagree with the value, a formal assessment appeal process is available. This application must be filed with the Clerk of the Assessment Appeals Board between July 2 and November 30.

 

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