Homeowners throughout California have been receiving mail from companies soliciting reassessment services, the L.A. Times reports. While a reassessment should help homeowners reap lower property taxes in this post-bubble era, beware of those charging exorbitant fees for the service. According to the Los Angeles County Assessor, Rick Auerbach, a property reassessment is “something you could do yourself for free.”
first tuesday take: In the current California real estate market of measurable monthly declines in property value, the assessed value of real estate purchased after 2002 is now greater than its current fair market value. 2010 will certainly bring even more distortion between these values. Home value reassessments are an invaluable means of establishing connections between real estate agents or brokers and homeowners who may want or need to sell a home in the near future. Whole neighborhoods are underwater and waiting to be farmed by a broker or agent willing to think about his future income.
Re: L.A. Times Op. Ed.: “Offer to reassess home raises red flags”
Also see first tuesday article
“Reassessment and Tax Reduction Assistance Down on the Farm” for an expansion on the mechanics of reassessing home values.