Sacramento County Property Taxes

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Assessor Value vs. Market Value: A Difference of 2.86 Million Dollars

December 1, 2009 in Photos from the Field, Property Taxes, Tax Appeal | No comments

Today I took the last batch of property tax appeals for the year to the Sacramento County Assessment Appeals Board at 700 H Street in Sacramento (as pictured below). Before I headed out of the office though I thought it would be interesting to calculate the difference between the Assessor’s property tax assessment and my calculation of fair market value. Guess what, when considering only these eight tax appeals, the Assessor’s Office had these properties valued higher by $2,860,000, which essentially means local property owners were scheduled to pay $30,000 more in property taxes than they should this year. Ouch.  

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Today was the last day to appeal property taxes for 2009 in Sacramento County (and in most if not all counties in California). If you did not dispute your taxes this year, you will have the opportunity to do so next year. You can expect new assessments for 2010 to come out at some point between May to July 2010 depending on which county you are located in. The assessment appeals period will then go from July 2010 to either September 15, 2010 or November 30, 2010 (depending on which county you are located in). Remember, your property assessment for next year will be based on your property’s value on January 1, 2o10.

If you have any questions or a story to share, comment above.

www.lundquistcompany.com/blog Assessor Value vs. Market Value: A Difference of 2.86 Million Dollars

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The Assessor says $210K, but Market Value is $130K: A Real Life Property Tax Appeal Situation

November 17, 2009 in Property Taxes, Tax Appeal | 2 comments

Yesterday I posted a graph showing the difference between assessed value and market value. Today I have one more real-life example of this phenomenon. The property below was assessed at $210,000, and after my tax appeal process I determined the home to be worth $130,000. That’s quite a difference and represents roughly $800 in taxes. Ouch.

Subject Property Competitive Sales Past 2+ Years Trend Graph by Lundquist Apprasial Company for Tax Appeal

The subject property is around 1400 square feet and all blue dots above represent the past 2.5 years of neighborhood sales between 1200-1700 square feet. This range of square-footage is meant to show comparable properties to the subject since a typical buyer would likely look in this range when house hunting. The vertical line represents January 1, 2009, which is the date of assessment.

As you can see, an assessed value at $210,000 looks higher than basically all sales in the neighborhood, and actually more consistent with a home value from previous months or years. It’s true that a property can sometimes sell at the highest level in the neighborhood, but the subject property does not warrant such a circumstance. When observing recent sales above $150,000 in the market, it’s clear that the vast majority of these sales come from superior tracts in the market area or are remodeled throughout (sold above all other sales because of upgrades). 

I am not saying the Assessor’s Office gets it wrong in every case. That’s not true, and I certainly do not wish to vilify the Assessor because that’s not the way I do things. I’m simply saying that in this case, and in others I have worked on lately, assessed value should have been much lower. I typically take on tax appeal situations where the home owner is clearly over-assessed, and so there is an obvious potential economic savings to be had. Most of the properties I did not take on this year were assessed fairly well or off by 5-10% (too high). 

If you have questions, give me a call at 916-595-3735.

www.lundquistcompany.com/blog The Assessor says $210k, but Market Value is $130k: A Real Life Property Tax Appeal Situation

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Appealing Property Taxes in the Greater Sacramento Region: How we can help you!!!

June 11, 2009 in Property Taxes, Tax Appeal | No comments

Our appraisal company runs www.SacramentoTaxAppeals.com and we are your local source for disputing property taxes in the Greater Sacramento Region. If you are considering contesting your property taxes, this is our process:

SacramentoTaxAppeal-screenshot-small1)  Contact:  Call or email us to let us know what your property address is and a little bit about your property.

2)  Discuss:  Let’s talk about your situation and if it looks like there is an advantage for you to appeal your taxes. Filing an appeal does not make sense in every case.

3)  Decide:  Which package works best for you? We offer a “Gold” package at $99.00 and a “Platinum” package at $169.00.

4)  Relax:  We’ll handle your property tax appeal in a professional and timely manner.

Feel free to reach us by phone at 916-595-3735 or email at LundquistCompany@gmail.com  We look forward to discussing your situation and figuring out what is going to best suit your needs and situation.

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What are the potential savings you can have on your property taxes in the Sacramento Region?

June 2, 2009 in Property Taxes, Tax Appeal | No comments

Since we are taxed at a rate of up to 1.25% on the total assessed value of our properties, this basically means that for every $10,000 of assessed value you are paying roughly $100. Thus if you purchase a house for $300,000 and the value is $300,000, you will pay roughly $3,000 in property tax per year.

 

Imagine the following:

Assessed Value $25,000 too high = you overpay by $250 per year

Assessed Value $50,000 too high = you overpay by $500 per year 

Assessed Value $100,000 too high = you overpay by $1,000 per year

Assessed Value $150,000 too high = you overpay by $1,500 per year

Assessed Value $200,000 too high = you overpay by $2,000 per year

 

As I stated in a previous post, my primary residence is currently assesed $35,000 too high and so I am scheduled to pay an additional $350 per year beyond what I should rightfully pay the Assessor. That doesn’t sit well with me. But there are home owners facing much more drastic situations where if they appeal their property taxes, they have a potential to save as much as $500-$1,000+.

 

Many times local home owners opt out of doing anything to contest their property taxes because they just don’t know what to do. That’s where we come in. We are glad to walk Greater Sacramento home owners through the process of appealing property taxes. We can help you understand what you can do and also what we can do for you. Whether you live in one of the following counties or own property in Sacramento, Placer, Yolo, El Dorado, San Joaquin, Stanislaus, Yuba, Sutter, Solano, or Merced County, give us a call today at 916-595-3735 or email us at LundquistCompany@gmail.com We invite you also to take a look at our property tax appeal website at www.SacramentoTaxAppeals.com

 

http://www.lundquistcompany.com/blog  What are the potential savings you can have on your property taxes in the Sacramento Region?

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New Assessed Property Values are Available Today (Sacramento County)

June 1, 2009 in Property Taxes, Tax Appeal | No comments

The Sacramento County Assessor’s Office has their 2009-10 assessed values up on their website as of today. You can go HERE and search for your house based upon the beginning letter of your street name. If you get stuck in the process, go ahead and give me a call at 916-595-3735.

This is a very important figure by the Assessor’s Office. This can very well determine whether you will be comfortable with their level of assessment or move forward with a property tax appeal. My property, for instance, is still assessed $35,000 too high and that basically works out to me paying $350 too much in property taxes this year. Some residents may be much worse off though unfortunately.

Please see our property tax appeal website at www.SacramentoTaxAppeals.com or you are welcome to call 916-595-3735 or send us an email too at LundquistCompany@gmail.com

http://www.lundquistcompany.com/blog  New Assessed Property Values are Available Today (Sacramento County)

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Get a Text Message Reminder for Property Tax Appeal Deadlines for the Sacramento Region, Central Valley & Bay Area

April 16, 2009 in Internet Stuff, Property Taxes, Tax Appeal | No comments

text-message-reminder-for-lowring-property-taxes-sacramento-region1I just added a nifty feature on this website that will remind everyone of property tax appeal deadlines in surrounding counties. Let’s face it, life is busy and it is sometimes difficult to stay on top of these details because of all that we are juggling. So if you are located in the Greater Sacramento Region, Central Valley or Bay Area, feel free to sign up. We don’t need to know each other personally or be connected in any way. Maybe you’re a home owner or someone who happened to stumble on this website. Or maybe you are an agent or broker who will look good when you remind your clients of these important deadlines and what they entail.

All you need to do is enter your phone number and mobile carrier in a sidebar feature to the left and push “Subscribe” (I included an image above in this post of what you need to look for in the left sidebar). Then I’ll make sure to send you a text message prior to July 2, November 30, and anything else that becomes relevant. You will NOT be called, your phone number will NOT be given to anyone, and you will NOT be spammed with texts or solicited for business either. This is simply a helpful reminder for you. Also, if any of your friends or family would benefit from a reminder, you are welcome to send them here too.

If you have any questions regarding the property tax appeal process or property tax appeal appraisals, contact (or text) me at 916-595-3735 or email me at ryan [at] lundquistcompany [dot] com.

http://www.lundquistcompany.com/blog  Get a Text Message Reminder for Property Tax Appeal Deadlines for the Sacramento Region, Central Valley & Bay Area

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The Skinny on Lowering Property Taxes (Sacramento Region)

February 20, 2009 in Property Taxes, Resources, Sacramento, Tax Appeal | No comments

Have you received a letter? My household has been mailed two so far claiming that XYZ Company will help me lower my property taxes if I send themhouse some money. Fellow residents, may I offer some advice? If you feel that the Assessor’s Office did not get your home value right, then don’t waste your money on out-of-area companies like this? If you need to contest your property tax levels, use a local specialist who knows your neighborhood very well and can personally talk you through the entire property tax appeal process.

 

Here is what you need to do:

1. First off, wait to see what the Sacramento County Assessor’s Office says your home is worth. They should have this data available around May 2009 (hopefully). Figures for 2009 property taxes aren’t even out yet, so be leery of companies that promise to be able to “lower your taxes” if they don’t even know what your home is assessed at?

 

2. If you are not satisfied with your property tax assessment, you can contact the Assessor’s Office and fill out a “Decline-in-Value Reassessment Application” between July 2, 2009 and November 30, 2009 (NOTE: Some other local counties besides Sacramento have a filing date of September 15, 2009). Basically, the application asks you to provide two similar properties that sold in 2009 between January 1 and March 31. Honestly though, this step is not an appeal and the best use of your time is to go straight to step 3. If you do want to do this step and you are unable to provide the needed information, I am capable of doing so for a very reasonable fee.

 

3. You can file an “Application for Changed Assessment” with the Assessment Appeals Board by November 30, 2009 for Sacramento County. This application basically asks you to provide evidence for your opinion of value. If you can supply this evidence through your own knowledge and research, that’s great. If not, this is where we can work together. As a local and reputable licensed real estate appraiser in the Sacramento area, I can act as a consultant on your behalf and provide detailed evidence of the true value of your property. With my detailed knowledge of how the appeals system works and what they look at to justify lowering property values, I can be a crucial asset for your property tax situation.

 

4. Don’t wait until the end of November to do Step 3. Make sure you have enough time to get your appeal in (or I can do that for you). After the November 30 deadline for Sacramento County, there is nothing more you can do to contest your property taxes if you miss the deadline.

 

Please contact me with any questions at 916-595-3735. I look forward to helping you understand the tax appeal process and working together if it is relevant for your needs.

 

http://www.lundquistcompany.com/blog The Skinny on Lowering Property Taxes (Sacramento Region) 

 

 

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