The following information has been provided by the Riverside County Assessor’s Office:

More than 300,000 Riverside County homeowners will receive mailed notification by July 15 that a property reassessment could save them an average of $1,600 in annual property taxes compared to two years ago.

In response to a decline in home values, the county’s Assessor’s Office has reviewed over 370,000 homes purchased after 2001 to ensure properties are fairly assessed. The 2009 assessment roll decreased by $25.5 billion from last year, the largest decrease on record.

“We are actively working to ensure residents don’t overpay taxes on their property during these difficult financial times,” said Assessor-County Clerk-Recorder Larry Ward (pictured). “We will continue to make adjustments as the housing market changes.”

The average reduction for single family residences is about $144,000 and about $111,000 for condominiums. State law allows for temporary assessment reductions during housing market declines effective Jan. 1 each year.

Several private companies charge high fees in exchange for help in lowering property taxes, which is a service that is offered for free by the Assessor’s Office. Homeowners whose home was reviewed will receive the result in writing by July 15.

Property owners who disagree with their value or those not included in the review of homes purchased since 2001 may file an application for Decline-in-Value with the county’s Assessor Office for free. Applications are due by Sept. 1 and are available at www.riversideacr.com.

Property owners disputing the value set by the Assessor’s office may file an appeal with the Clerk of the Board between July 2 and November 30. An Application for Changed Assessment (Appeal) is available on the Clerk of the Board’s website.

Filed under Headline

Thursday, July 2, 2009

Not working? Click here!