16 replies to this topic

[Dude]

Anyone reduced their property taxes via Pro 8? Any tips on the best way to approach it?

Declines in Market Value under Proposition 8:
http://www.assessor....nts/default.htm

[folsombound]

Anyone reduced their property taxes via Pro 8? Any tips on the best way to approach it?

Declines in Market Value under Proposition 8:
http://www.assessor....nts/default.htm

File an appeal. I appealed the 2007/2008 assessment and received a 9% reduction in assessed value. The Sacramento County Assessor automatically re-assessed some homes for that tax year but mine wasn't among them so I appealed. Go to the county assessors website and the form can be downloaded and printed. It really isn't very hard. It takes a couple of months to get the results. Provide any information you have (comp sales, etc.) to help your cause.

[nlove4ever]

File an appeal. I appealed the 2007/2008 assessment and received a 9% reduction in assessed value. The Sacramento County Assessor automatically re-assessed some homes for that tax year but mine wasn't among them so I appealed. Go to the county assessors website and the form can be downloaded and printed. It really isn't very hard. It takes a couple of months to get the results. Provide any information you have (comp sales, etc.) to help your cause.

Mine wasnt re-assessed either. When did you file? I read on the website you have to file between July 2nd and Nov 30th. Is that true? Also, I fill out the application for changed assessment right?

[folsombound]

Mine wasnt re-assessed either. When did you file? I read on the website you have to file between July 2nd and Nov 30th. Is that true? Also, I fill out the application for changed assessment right?

Don't remember the exact date. Sometime after receipt of the bill. Paid the bill and paid the second installment and still haven't received the refund check.

[Dude]

I guess I'll wait till I get the next bill to see if I need to file an appeal.

[folsombound]

I guess I'll wait till I get the next bill to see if I need to file an appeal.

You should have a pretty good idea based on your last bill and what houses around you are selling for.

[Dude]

Does someone have a favorite site for recent home sales that can be narrowed down to Broadstone? The one I used when I was searching is no longer working.

[Deb aka Resume Lady]

Agent 007, I have a question for you.....

If your home is destroyed, say in a fire, how is the value assessed by the insurance company? Is the structure valued at whatever was stated in your most recent policy? Or does the insurance company go by current market value? Or does it go by the last assessed value by the county assessor's office? Or???????????

[Agent_007]

Agent 007, I have a question for you.....

If your home is destroyed, say in a fire, how is the value assessed by the insurance company? Is the structure valued at whatever was stated in your most recent policy? Or does the insurance company go by current market value? Or does it go by the last assessed value by the county assessor's office? Or???????????

Great question, one we face almost daily.

Let's first break the connection between County Assessors and Cost to Rebuild your home.

However, whatever, whenever the county assesses the value of your home is not necessarily tied to the cost to rebuild your home. In real estate there are up and down markets where the value on one's home will fluctuate.

On your Homeowners policy (called a Fire policy) you want to ensure you have enough coverage in Dwelling Coverage (sometimes called Section A, or Dwelling A coverage) to rebuild your home should you experience a total loss. You also need to see if you have a Stated/Declared Value policy or a Guaranteed Replacement policy.

Most policies today are Stated/Declared Value. This means what you have stated your home to be covered for, is what it is covered for. All things being reasonable, you really cannot over insure your home. Insurance companies won't do it.

Stating value is where many people leave themselves exposed. They haven't a clue what it costs to rebuild their home. They tend to buy annual premium cost versus coverage; buying lower Dwelling coverage to bring premium costs down. At a time of loss this can lead to being substantially under insured (not enough insurance coverage to rebuild their home) and on the hook for resource shortfalls.

How can you determine if you have enough Dwelling coverage? Ask me.

Just kidding. Take the Dwelling coverage listed on you policy and divide it by the total square feet of your home. From there you will know how much per square foot coverage you have to rebuild you home.

Your coverage per square foot should be enough for labor and materials to rebuild your home. This is where a professional can help you. Buying the right coverage per square foot is important in buying the right policy and coverages.

So to answer your question, what you are insured for on your Declarations page is all you are going to get from an insurance company. Buy the wrong coverage up front and you can guarantee you'll not have enough money to rebuild you home at time of loss.

I hope this answers your question(s).

Now don't everybody call us to review your Declaration pages. We are incredibly busy helping people fix their insurance. But if you desire us to review your coverages, fax or email me ALL your declaration pages and I will call you back to set an appointment.

[Bill Z]

Great question, one we face almost daily.

Let's first break the connection between County Assessors and Cost to Rebuild your home.

However, whatever, whenever the county assesses the value of your home is not necessarily tied to the cost to rebuild your home. In real estate there are up and down markets where the value on one's home will fluctuate.

On your Homeowners policy (called a Fire policy) you want to ensure you have enough coverage in Dwelling Coverage (sometimes called Section A, or Dwelling A coverage) to rebuild your home should you experience a total loss. You also need to see if you have a Stated/Declared Value policy or a Guaranteed Replacement policy.

Most policies today are Stated/Declared Value. This means what you have stated your home to be covered for, is what it is covered for. All things being reasonable, you really cannot over insure your home. Insurance companies won't do it.

Stating value is where many people leave themselves exposed. They haven't a clue what it costs to rebuild their home. They tend to buy annual premium cost versus coverage; buying lower Dwelling coverage to bring premium costs down. At a time of loss this can lead to being substantially under insured (not enough insurance coverage to rebuild their home) and on the hook for resource shortfalls.

How can you determine if you have enough Dwelling coverage? Ask me.

Just kidding. Take the Dwelling coverage listed on you policy and divide it by the total square feet of your home. From there you will know how much per square foot coverage you have to rebuild you home.

Your coverage per square foot should be enough for labor and materials to rebuild your home. This is where a professional can help you. Buying the right coverage per square foot is important in buying the right policy and coverages.

So to answer your question, what you are insured for on your Declarations page is all you are going to get from an insurance company. Buy the wrong coverage up front and you can guarantee you'll not have enough money to rebuild you home at time of loss.

I hope this answers your question(s).

Now don't everybody call us to review your Declaration pages. We are incredibly busy helping people fix their insurance. But if you desire us to review your coverages, fax or email me ALL your declaration pages and I will call you back to set an appointment.

I can do my own math, what's the current rate per sq.ft. of rebuilding a home?

[nlove4ever]

Don't remember the exact date. Sometime after receipt of the bill. Paid the bill and paid the second installment and still haven't received the refund check.

Thanks, I bet that was between July and Nov. I guess I will wait until July to file the appeal like it states. Sucks you havent gotten a check yet. Did they say how long it would be or do they just credit it to your next tax bill?

[Agent_007]

I can do my own math, what's the current rate per sq.ft. of rebuilding a home?

that depends on the specific features, materials and quality of your home.

i write Dwelling coverage between $165-$300 per square foot. it all depends on the quality of the home.

[Dude]

... I bet that was between July and Nov....

No, no, that being July 2nd.
The county, I'm sure, is very particular about details.


I called the real estate agent that helped us purchase the home and he's right on it for the recent comps.

[Dude]

I called the assessors office and they said they'll be mailing letters out mid May and that if I haven't received one (meaning they did not asses my home) by end May, the appeal form will be avaliable for downloading by then.

[mrmarket]

I called the assessors office and they said they'll be mailing letters out mid May and that if I haven't received one (meaning they did not asses my home) by end May, the appeal form will be avaliable for downloading by then.

I tried to lower my property taxes on my own and it was a absolute headache! It took me months to get answers to my simple questions. I ended up Googling "prop8" and I found a company called www.prop8.org (plus they are in located in Sacramento). They saved me over $1,800 a year. Yeah it cost me some money to save some money but in the end my SANITY was worth it! Good luck guys!