With the current decline of home prices in the 20% to 30% range, there may be a way to have your present home value reflect the current reduction in value and to have your property reassessed at a lower rate and thus receive a commensurate property tax reduction.
In speaking with the Nevada County Assessor’s office, it seems like a fairly simple process. They tell me that they are reducing some of the property values already to reflect lowered values. The biggest reductions will occur with people who have purchased homes in the last several years.
In order to see where your property lies in this situation, you would call the Nevada County Assessor’s office at 530-265-1232. They are set up to make the process easy on the home owners. They can tell you what the current value of your home is and if you are likely to have an assessed value credit coming.
While this information is directed at Nevada County, other counties probably have a similar procedure in place.