Real Estate Slump Lowers Property Taxes

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(Sacramento, CA)
Monday, October 15, 2007

More than 50,000 property owners will see lower tax bills this year. Many will see cuts of up to 10%. That’s because the county Assessor’s Office has temporarily devalued their property. The bills are based on property values as of January 1st

"So we’re looking at the marketplace back then, not today." 

Sacramento County Assessor Ken Stieger says by law, they evaluate values on what properties will selling for on the first day of the year.   

"Now, they may decline even further or have declined even further this year, undoubtedly they have. We will be picking those up on January 1 of 2008 for next year’s tax bills." 

But Stieger says if you think your tax is too high, get proof and call his office. 

"Go to a real estate agent or go to some evidence in the marketplace that shows sales at that time that are lower in value than what we actually have on their property." 

Property owners can pay their bills in two installments. The first one is due on December 10th.