…Was yours one of them?
Earlier this year, the San Mateo County Assessor’s Office announced that it was to going proactively review the assessed values of over 40,000 homes in the County that were purchased between 2002 and 2008, as well as about 10,000 more where the homeowners specifically requested a revised assessment. The decision to take this unprecedented step by the Assessor’s office was really a no-brainer in light of the recent nose dive in home values.
56% get property tax relief.
According to Michelle Durand’s article in the Daily Journal, approximately 27,890 homes, or 56%, of the 50,000 that were reviewed had their assessment lowered. The impact to the county in lost tax revenue is expected to be $25 million, which will put further strain on a system that is already struggling to come to grips with a serious budget deficit.
Update 7/7: Here’s another article on this topic from Michelle Durand that was just published: County Property Taxes Drop.
What about San Carlos?
San Carlos didn’t escape the axe either, as the net effect of decreased property tax revenue spells a loss of about $560,000. Granted, this is a long way from $25 million, but every dollar this city loses is painful. But it also means that quite a few homes in San Carlos indeed got some sort of relief.
Were you lucky enough to catch a break? Or, did you apply for a reduction and get declined? If you have a story to tell, let us know by posting a comment below….
Welcome to to the White Oaks Blog — the most widely read blog dedicated to the San Carlos real estate market! Have blog updates sent to you automatically by subscribing for free by clicking here. Be sure to follow the White Oaks Blog on Facebook at https://Facebook.com/WhiteOaksBlog , and on Twitter @WhiteOaksBlog.
Don’t miss a single update!