The Orange County Assessor Webster Guillory reported today the completion of the annual decline-in-value reviews covering approximately 280,000 properties including homes, townhouses, condominiums and commercial/industrial properties throughout Orange County. Assessor Guillory reduced the value of 202,800 properties, and has reported all year that his office would review values to make sure homes that had a decline in value are not over assessed.
By law, property is valued as of January 1 each year. The Assessor will mail the results of the review to every property owner starting July 2 through July 8, 2009. If you purchased a single family home, townhouse or condominium between January 2002 and December 31, 2008, your taxable value was reviewed. Other property types in hard hit areas were also reviewed.
The Assessor stated that, "This part of our review will lower the taxable value on many homes, and these reductions will show on the tax bills issued in late September 2009."
The average value reduction for single family residences is about $120,000, or a tax savings of approximately $1,400. The average value reduction for condominiums is about $80,000, or a tax savings of approximately $1,000.
Many homes had a reduction last year and again this year. The two-year average reduction for single-family residences is approximately $195,000, and for condominiums approximately $150,000.
The Assessor review is free and it is proactive. Many taxpayers have called complaining about companies offering to submit an application for review for a large fee. All property was reviewed and all property owners will receive a Value Notice by mail in July. If owners disagree with the value on the Notice and have data to support an Appeal, they may file an Appeal with the Clerk of the Board of Supervisors. The deadline for filing an Assessment Appeal is September 15, 2009.
Property owners can find assistance and helpful information by visiting the Assessor website at www.ocgov.com/assessor, or by calling 714-834-2727.