Overview
Property tax assessments in California are based on the assessed value of a home and are used to determine the amount of property tax home owners must pay. A home’s assessed value is determined by the local county assessor and is usually the same as its market value. However, home owners may be able to appeal their assessment if they feel it is too high. Common mistakes home owners make when it comes to property tax assessments include not appealing their assessments, not filing for exemptions, and not understanding their tax bill.
How Property Tax Assessments Work in California
In California, property taxes are assessed by the local county assessor’s office and are based on the assessed value of a home. The assessed value of a home is usually the same as its market value, which is determined by the local real estate market. Home owners must pay taxes on the assessed value of their home, and the amount of taxes they must pay is determined by the local tax rate.
The assessor’s office is responsible for keeping track of the assessed value of each home, and they typically review and update assessments every two to three years. If the market value of a home has increased since the last assessment, then the assessed value will likely increase as well. Home owners may be able to appeal their assessment if they feel it is too high.
Common Mistakes Home Owners Make
Home owners often make mistakes when it comes to property tax assessments, which can lead to paying too much in taxes. Some of the most common mistakes home owners make include:
Not appealing their assessments
Home owners should always review their assessment and appeal if they feel it is too high. The assessor’s office may be willing to adjust the assessment if the home owner can provide evidence that it is too high.
Not filing for exemptions
Home owners may be eligible for certain exemptions, such as veterans, seniors, or disability exemptions. These exemptions can help reduce the amount of taxes home owners must pay.
Not understanding their tax bill
Home owners should always review their tax bill and make sure they understand it. The tax bill will include the assessed value of the home, the local tax rate, and any exemptions that were applied.
Conclusion
Property tax assessments in California are based on the assessed value of a home and are used to determine the amount of property tax home owners must pay. Home owners should always review their assessments, file for any exemptions they may be eligible for, and understand their tax bill. Common mistakes home owners make when it comes to property taxes include not appealing their assessments, not filing for exemptions, and not understanding their tax bill. Understanding how property tax assessments work in California and avoiding common mistakes can help home owners save money on their taxes.
