Ask The Realtor

As printed in the OC Register / Saddleback Valley News

Written by Jim E. Flynn, Century 21 Beachside Realtors, Lake Mission Viejo

March 2, 2009

Scam alert:  Beware of Private Company Mailings About Property Tax Reduction

Q. What's the story about the recent mailings I received about reducing my property taxes? - Dave T. of Mission Viejo

A. Thanks for asking, Dave, just don't respond and get involved with any of these private company mailings. I have had several calls and questions from readers and other friends asking about these mailings.

You may have already read that the Los Angeles County Assessor's Office is alerting homeowners that various private companies are sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. The companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies also are imposing late fees if the application is received after an arbitrary deadline. Solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are not a government agency and that their services are not approved or endorsed by any government agency. Failure to provide such notice is a violation of California law.

In 1978, California voters passed Proposition 8, (much different than the recent one) a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value," which occurs when the current market value of your property is less than the assessed value as of Jan. 1. The assessed value is the value shown on a property owner's most recent property tax bill. Typically, an application from the property owner is required to initiate a review of the property's value by the assessor.

So, the solution is to always ask your Realtor or broker. All good Realtors and brokers can give you a recap about the property values in your community and advise and assist you with the proper forms and "comps" to use for the completion should it be determined you should actually file for benefit. Virtually all of the communities in our south Orange County area have properties that have declined in value versus the last couple of years. The key is how long you have actually owned your property. For example many properties that were purchased 15 years ago are still valued at twice to more than three times the original purchase price.

Professional broker and Realtors are always available to help. More than 549,244 agent/brokers have left the business. There are approximately 152,862 current broker licenses and 379,669 Realtor sales licenses for a total of 532,531.

So Dave, beware of private company mailings and real estate license holders who are not licensed Realtors.  For the fastest and most reliable information, "ask a Realtor."

Jim Flynn is a Realtor with Century 21 Beachside Real Estate in Mission Viejo. He has more than 30 years of home sales experience and belongs to the county, state and national associations of Realtors.

Original article in The Register

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Jim E. Flynn
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