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Will your property tax bill be slashed?
The values of more than 40,000 homes suspected of losing value since their purchase are under review by the Kern County Assessor, a process that will reduce property tax bills for many homeowners, but also shrink a critical source of county revenue. That's according to a report by Vanessa Gregory. Read the story. 1 comments from 1 users
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posted by
antiextremism
on Feb 22, 2008 at 02:44 PM
I'm no money expert, so I'm probably wrong, but I believe Prop 13 says that your property taxes can only go up 2% per year. So, since this roller coaster ride only started about 5 years ago, I don't think the County has changed people's property values that much anyway. So I don't think people that have owned their property for more than 5 years will be affected much. New home owners is another story. New owners may be reaping the benefits of Prop 8, which has no restriction in lowering the value. If you have bought a house recently and it took that 100,000 dollar hit, you should contact the assessors office. I did before all this mess when my appraisal on an equity loan was well under the assessed value.
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