Real Estate Decline? - Reduce One's Property Tax
Due to recent housing market conditions, virtually everyone that purchased property in California within the past few years can take advantage of Prop 8 and save money by lowering their property taxes.
One outcome of the real estate bubble is that property value assessments and the resulting property taxes have been rising. However, with declining values, foreclosures, short sales etc. the assessed value of the property may actually be higher than what one could get from selling the house.
Homes that sold for over $1 million are now being sold on the foreclosure chopping block for half that price and this is just in one year. For those that bought their home at the peak of the…
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