Research, pay what’s owed

Property taxes are due and payable Nov. 10 and by now you should have received your bill from the county tax collector. Take some time to review your tax bill, particularly if you applied for a decline in value and received a reduction in property tax.

Property assessments are increasing as values in some areas approach the peaks of 2006/2007. The assessor reviews property values annually and can adjust the assessed value upwards every year until it reaches your original base year value.

In fact, the ceiling on the new base year value is your original purchase price plus 2 percent for every year you have enjoyed a reduced assessment.

Once your property reaches the adjusted base year value, annual reviews end and your property taxes will be limited to the maximum 2 percent per year increase enacted by Proposition 13 in 1978. Until then, there is no limit to the annual increase.

If your property received a reduced assessment, check your tax bill for the current assessed value and make sure it is in line with true market value. If you feel that the market value of your property is less than the assessed value shown on the tax bill, you may submit a Decline- In-Value application to the tax assessor before Nov. 30.

If you occupy your property as a principal residence you are eligible for a Homeowners Exemption which should be listed just above the net taxable value near the bottom of the tax bill.

The homeowner’s exemption allows your assessed value to be reduced by $7000 – worth about $75 in annual property tax savings. If you qualify and the exemption is not reflected on your tax bill, call the Assessor’s office at (888) 807-2111.

Do you know someone who is having a hard time keeping up with property tax payments? A program that allows senior citizens, blind or disabled persons to postpone payment of property taxes was just reinstated by the State Controller’s Office and started accepting new applications on Oct 1.

Applicants must be at least 62 years of age, blind or disabled with a household income of $35,500 or less, and occupy the property as a primary residence. You must also have at least 40 percent equity in the property.

Mobile and manufactured homes, floating homes, and house boats are not eligible. Funding for the program is limited, and applications are processed on a first-come, first-served basis.

For more info call (800) 952-5661 or email postponement@sco.ca.gov.

Adriana Donofrio Podley Properties Glendora (626) 926-9700 • adrianad@podley.com