Do you know who is REALLY happy about the increase of home prices in the Coachella Valley?
Riverside County and the municipalities.Even as slight as the increase is, it has been the first increase in five years – however, the increase won’t immediately lead to huge budget adjustments and are far below the levels before the housing crisis. According to a recent news article in the Desert Sun, “the median home price in Riverside County shot up more than 25 percent in 2012 to $226,000, resulting in a nearly 4 percent increase to the county’s tax roll, the Riverside County Assessor-Clerk-Recorder’s Office announced.”
All is welcomed after the belt-tightening and budget cuts made over the years and is reported to go towards police, fire and street departments.
According to the Property Guide to understanding Proposition 8, “in 1978, California voters passed Proposition 8, a constitutional amendment. It allows a temporary reduction in assessed value when a property experiences a ‘decline-in-value’ (Prop 8).
A decline-in-value occurs when the current market value of a property is less than the Proposition 13 (Prop 13) value as of January 1. California’s Prop 13 caps the growth of a property’s base year value at no more than 2 percent a year.’ “
Starting July 15th homeowners in Riverside County can search their 2013 – 2014 tax roll value at www.RiversideACR.com using either the address or parcel number. However, if your assessed value has changed, you should receive a notice in October for their tax payments in December and April. If you don’t agree with your tax value, you will need to fill out an application for a free decline in value by November 1st. (also available online at the web address above.)
If you’d like to appeal, that will need to be filed by November 30th. For more information, visit www.riversideacr.com or call (951) 955-6200 or toll free (800) 746-1544.
Other important property tax dates:
- July 1: Assessment Roll delivered by the Assessor to the Auditor-Controller.
- July 2 - November 30: Period during which the Clerk of the Board accepts petitions for Assessment Appeals Board hearings on the regular roll. (Other filing periods may apply for supplemental assessments and escape assessments.)
- August 31: Deadline for payments of unsecured property taxes.
- November 1: Deadline for filing Decline-in-Value Reassessment Application.
- December 10: Deadline for late filing of Homeowners, Veterans and Disabled Veterans Exemptions. Deadline for payment of first installment of secured property taxes.
- January 1: Lien date - the time when taxes for the following fiscal year (July 1 - June 30) become a lien on property.
- February 15: Deadline for filing Veterans, Homeowners, Church, Religious, Welfare Exemptions, Historical Aircraft and other institutional exemptions.
- April 1: Deadline for filing Business Personal Property Statements.
- April 10: Deadline for payment of second installment of secured property taxes.
Understanding Prop. 8 in Riverside County pamphlet
Property taxes can be so confusing when you’re buying … it is definitely something you need to keep in mind when you’re looking for your home in the Desert or just a reminder since our home values are changing.