How to Reduce Your Riverside County Property Taxes

You May Qualify for a Reduced Assessment on Your Palm Springs Riverside California Property

Just recently I assisted two of my clients in reducing the amount of the property taxes paid on their Palm Springs property. Your property may qualify, especially if you purchased your property in the last few years. Even property purchased today could qualify for a reduction in Riverside County property taxes.

How much can you save? Well it depends on what you paid for the property, what the previous taxes were and what the current value of the property is now. In 1978 the citizens of the State of California passed Proposition 8 which basically allows a property owner to request a reduction in the property taxes if the property has lost value. The amount will be based on the difference in value. For example a property that was assessed at $350,000 and was purchased for $285,000 would have lost $65,000 in value reducing the taxes by about $780.00 per year.

The first step in having your Riverside County property taxes reduced is to find two comparable properties that have a value close to what you think the value should be. In this case there were two other condos of the exact same size that sold for about the same price of $285,000. There is a form from the county that needs to be filed out and the 2 comparable properties are listed with the details. This is sent in to the County of Riverside and they will be make a determination as to what the new assessed value is and you will be notified. If they agree to the reduction you will receive a check for the amount credited and then next year the new tax amount will appear on your statement.

You should also check to be sure that you have the “homeowner” exemption which is good for $7,000 in assessed value if this is your primary residence.

If you think you may qualify, click here to contact me with your address and I will research to see if your property qualifies. If it does then I will forward you the comparable properties and the Riverside County Property Tax reassessment form at no cost to you.

Before you do anything be sure to consult your attorney or tax consultant. This information is provided only as a guide and is not tax advise.