Monday, April 28, 2008
The sagging real estate market has prompted thousands of San Diegans to ask for a cut in their property tax bills. KPBS Reporter Amita Sharma has details.
The county assessor's office has received more than 10,000 requests from residents who want the assessed value of their homes reduced. A lower value means a break on their tax bills. Jeff Olson of the assessor's office says people who bought their homes when the housing market was at its peak -- between January 2004 and December 2006 -- are most likely to see their property taxes go down.
Olson: The assessor's office can only reduce the assessed value of a property if the market value or what you would sell the property for is less than your assessed value that shows up on your tax bill.
Property tax bills will go back up when the housing market rebounds.
Amita Sharma, KPBS News.