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With home values decreasing, you may be yearning for “good” housing-related news. Here it is: You may be eligible for a reduction of your property tax bill under certain circumstances.

A representative from the Kern County Tax Assessor advises that citizens can ask for a “Property Review” if they feel their home values have dropped significantly.  
Start by reviewing your recent property tax bill for 2007-2008. These bills were mailed last fall, and are printed on green and white legal-sized paper. The top half, upper right corner shows “Net Assessed Value.” Compare this figure to your estimate of today's value of your property. 

If your Net Assessed Value is lower than today's value, you already have a lower tax bill than normal and you should take no action.
If your Net Assessed Value is higher than today's value, you can contact the county to review your bill. Have your Assessor Tax Number ready (it's on your bill) and call 661/868-3485. Ask for a “Property Review.”

These requests will be reviewed beginning July 1, 2008 as the county begins their new fiscal year. Comparable sales data as of January 1, 2008 will be accessed to determine the current approximate value of your property. A new tax amount could be generated if your property value has in fact decreased. If the county's value estimate differs from your estimate, you could appeal the decision to the Assessment Appeals Board.

Of course, if the county's estimated value is higher than your current Net Assessed Value, a new tax amount could also be generated, meaning a higher tax bill.
What type of benefit might you reap from this process? As an example, assume you bought your home for $500,000 two years ago. At base tax rate 1.25 percent, your current tax bill would be about $6,250 per year. If your Net Assessed Value was decreased to $400,000 in today's market, that same 1.25 percent base tax rate would be about $5,000 per year. 

Tammy Engel is recognized as one of the Ten Most Dependable Mortgage Brokers in The West.  She can be reached at 661/822-REAL for your home financing questions.