If the market value of your home on January 1, 2010 will be lower than your Proposition 13 assessed value, you may be able to receive a temporary reduction in taxable value for the upcoming year. The tax assessor may give an automatic 10% reduction, but if the value has decreased more than 10%, you will benefit with the request for informal assessment review. The informal appeal process begins January 1 to April 30.
For Orange County homeowners... go to this link for apply for an assessment appeal on line.
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