I am recommending many of my past clients to look into getting a temporary reduction in their assessed property tax valuation. For more information feel free to contact me! The following information is available at www.sjgov.org/assessor you may contact the San Joaquin County Assessor’s Office at 209-468-2630 or assessor@sjgov.org  

If you purchased your residence before January 1, 2008 

The Assessor’s Office will soon be reviewing values of single family residences for the January 1, 2009 lien date and notices should be mailed by mid-July.   

Value reductions due to a decline in market value are temporary reductions that recognize that the property’s current market value has fallen below the property’s Proposition 13 factored value. When that occurs, the property’s value is reviewed each year as of January 1 and adjusted to reflect the current market value. When the market value increases above the Proposition 13 factored value, that value is then restored.   

Properties adjusted due to a decline in value are not subject to the 2% annual increase limitation.    

Examples of Assessments Involving Properties Declining In Value: 

Example 1

Home purchased May 2008 for $400,000.  $400,000 is enrolled as the property’s base year value.  

On January 1, 2009, the factored base year value is $408,000 (base value + 2% inflation factor). Market value is $350,000. 

The Assessor will enroll $350,000 for the 2009/2010 assessment roll.

On January 1, 2010, the factored base year value is $416,160 (base value + inflation factor for 2 years).  Market value is now $380,000. 

The Assessor will enroll $380,000 for the 2010/2011 assessment roll.On January 1, 2010, the factored base year value is $424,483 (base value + inflation factor for 3 years). Market value is now $430,000. 

The Assessor will reinstate the factored base year value of $424,483 for the 2011/2012 assessment roll. 

Example 2

Home is purchased in 1993 for $160,000.   

On January 1, 2008 the factored base year value was $211,126 and the market value  was $300,000.

The Assessor enrolled the factored base year value.On January 1, 2009 the factored base year value is $215,348 and the market value is $250,000.   

Even though the property has lost $50,000, the factored base year value is still lower than the market value and the factored base year value will be enrolled for the 2009/2010 assessment year. 

• A REALTOR® can help you determine the price you can afford.
• A REALTOR® can often suggest ways to accrue a down payment and explain alternative financing methods.
• A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring when you apply for a loan.
• A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
• A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service (MLS) – even if you are relocating from another city.
• A REALTOR® can show you only those homes best suited to your needs: size, style, features, location, and accessibility to schools, transportation, shopping and other personal preferences.
• A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and that will improve its utility and value.
• A REALTOR® is sensitive to the importance you place on this major purchase and commitment that you are about to make.
• A REALTOR® can facilitate negotiation of a win-win agreement that will satisfy both you and the seller.