Since the real estate market took a downturn, some people have complained they couldn’t buy, sell, or refinance a home because an appraiser used bank-owned (REO) or short-sold homes as comparable in the valuation process, which dragged down the value of their home.While using REO and short-sold properties can lower the value of a home, some homeowners are upset that their country assessor will not use these properties as comps for their property taxes.
·Under Prop. 8, Owners who think the market value of their property has fallen below its assessed value can ask for a temporary reduction to the fair market value
·Homeowners who think their homes are worth less than the assessed value can usually ask their assessor for an informal review.If they are still not satisfied, they can file a formal appeal with their county’s assessment appeals board by Sept 15 or Nov. 30, depending on the county.