How to Lower Your San Mateo County Property Taxes

By Raymond Stoklosa · June 15th, 2010

San Mateo County property tax If you have bought a home in San Mateo County in the last several years, you may be eligible for a reduction in your property taxes. Upon request, the tax assessor will reassess the tax value of your home. By following a few rules, you may save yourself some money.

How to Lower Your San Mateo County Property Taxes – Thank Prop 8

In 1978, California voters passed Proposition 8, which allows for a temporary tax reduction when a home’s market value on Jan. 1 is less than the prior year’s assessed value.

Let’s say you bought a house in 2006 for $500,000. In January 2008, it should be assessed at $510,000, allowing for the 2 percent inflation adjustment which the law permits.

But suppose comparable homes in your neighborhood are now going for $400,000. You might qualify for a $100,000 reduction in assessed value, which would save you about $1,000 on your tax bill. Here is how to apply…

How to Apply

The first step is an informal review. Homeowners who think the value of their home Jan. 1 is less than the assessed value can request an informal review from their county assessor. The tax assessor, using sales data as of Jan. 1 for comparable homes in the neighborhood, will determine whether a temporary reduction is warranted. Homeowners can request an informal review by filling out this form.

If homeowner and assessor cannot agree on a value through this informal process, the homeowner can file a formal appeal with the county’s assessment appeals board. The appeal must be filed by Sept. 15 or Nov. 30, depending on the county, and might require a fee. The homeowner who disagrees with the tax assessor’s determination may submit his or her case to the appeals board, which has the final authority on the property’s value.

Property Tax Reduction is Only Temporary

You should be aware that the Proposition 8 reduction is only temporary. After you are granted a reduction, the assessor will automatically review your home’s market value as of Jan. 1 each year and may adjust the assessed value; however, the assessed value cannot go higher than it would have been had you never received the temporary reduction.

For more information, visit the San Mateo County CARE website or email the San Mateo County Tax Assessor at assessor@smcare.org to request a “Decline in Value” Reassessment Application Form.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

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