Larry Stone, Santa Clara County Assessor to review values of a record number of  homes. This year you’ll get your home’s assessed value postcard at the end of June instead of May. The assessor’s team is busy checking almost 50% of the homes (about 200,000 homes) in the county. Many home owners who bought homes after 2000 will see a lower tax bill this year.

If you think your property’s value is less than the assessor’s number you can appeal directly to the assessor’s office, filing a special form on July 2nd. You have to act fast, not to miss the dead line.

APPLICATION FOR CHANGED ASSESSMENT
September 15 is the last day to file an assessment appeal application for reduced assessment with the Clerk of the Board of Supervisors.

“If it isn’t the Great Depression, it’s the Great Recession,” said County Assessor Larry Stone.

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If you are getting closer to your 55th Birthday and you have a house, your kids are gone and you are thinking: what am I doing with this large house, now that I am all alone. Can I sell it and not pay Capital Gain taxes? can I find a more appropriate house and not pay too much property taxes?

Prop. 60 is a constitutional amendment approved by the voters of California in 1986. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located within the same county, if certain qualifying conditions are met.

Prop. 90 is a constitutional amendment approved by the voters of California in 1988. It is codified in Section 69.5 of the Revenue & Taxation Code, and allows homeowners who are at least 55-years of age to transfer an existing Prop. 13 factored base year value to a replacement residence located in a different county, if certain qualifying conditions are met. Some counties have not adopted local ordinances to implement Prop. 90. Before attempting to transfer your base year value to another county under the provisions of Prop. 90, you should contact the local county Assessor to discuss eligibility.

There are some solutions. Your Tax adviser will be able to fully answer your questions but we’ll talk about a few solutions at my house next Tuesday 10/28/08 @ 8:00PM.

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A new home owner called Len Tillem on his Radio talk show today. He bought a house close to San Thomas Expressway for about $800k. The seller wrote in his disclosure that there was no traffic noise so he assumed that it was quiet. He claimed that he only saw the place during the weekend and it was quiet. Now that he moved in he hears the traffic all the time and he is angry at the sellers and the real estate agents. He thinks that he should have paid less for his property or not buy it.

He is rightfully just to be angry at them. It should have been disclosed to him. The agents should have warned him that being close to a freeway there will be noise.

An advice to any buyer who purchases a new property. Always visit the property at all hours of the day. You are going to live there and spend many hours at your new home. Listen to the noises in the area. Some people are sensitive to noises and smells and will be miserable if they hear water, or traffic, or airplanes, or trains, or even dogs barking. You are investing so much money. For many of you this is your largest expense, invest a little time, it doesn’t even cost money. Go there, get out of your car and stand there or walk around the place. Talk to the neighbors. There is always a nice neighbor who would love to tell you everything about the neighborhood. Drive to your work place from that house and drive back as though it was your home. This way you’ll avoid aggravation and live happier in your new home.