41 percent decline in the median price of an existing home
Fullerton, Calif. (PRWEB) March 10, 2009
Struggling Americans in these hard economic times are all looking for a way to cut back on their spending. California homeowners who have purchased a home in the past 2-10 years could be overpaying their property taxes. According to the FOUST Team, a group of Anaheim, CA real estate agents, many recent home buyers have not had their homes assessed values lowered enough and may be over paying on property taxes. By filing an appeal, many homeowners may save hundreds, if not thousands of dollars.
In the past year or two the California Association of Realtors statistics have been stating that there has been a:
"41 percent decline in the median price of an existing home"
With figures like these, the buyers from recent years could be paying up to almost double the property tax that they need to be paying. Many recent homeowners may have already seen their property adjusted, but even among those, many have not been adjusted enough to keep up with the declining market.
If a homeowner feels as though their property is assessed too high, they need to first obtain the form for an informal property tax review available on most counties tax collector websites. Besides filling out some general information, the homeowners are asked to provide comparable sales information that they typically do not have access to obtain.
In an attempt to aid owners of real estate in North Orange County, the FOUST Team is offering free comparable sales information. The FOUST Team states that the idea of offering a free service is to provide the local community with an option to save money amidst the floundering economy. They have set this program to rollout March 16, and continue through the rest of 2009.
After filling out the form and assembling the relevant comparable sales information, homeowners looking to appeal their assessed value will simply need to send the request back to the County in which they own the property. Most Counties are estimating 4-10 weeks for response from the informal appeals. If homeowners are rejected, they may then file a formal appeal. Most Counties are currently only looking at informal appeals until they have all been reviewed.
About the FOUST Team:
Bob and Todd Foust operate the FOUST Team at C21 Discovery; one of the top-selling real estate teams in Southern California. They specialize in Orange and Los Angeles Counties and operate one of the area's most informative real estate websites. To contact them or learn more about North Orange County Real Estate, please visit http://www.FOUSTonline.com .