Ventura County Real Estate Journal

Proposition 8, passed in November 1978, amended Proposition 13 to reflect declines in property value.  Proposition 8 reductions are temporary reductions which recognize the fact that the current market value of a property has fallen below its current factored Proposition 13 base year value. 

Anyone who has purchased Ventura County real estate in the last few years may benefit if the current market value is less than the price you originally paid.  The Ventura County Tax Assessor, Dan Goodwin, is proactive about lowering assessed values and most folks will not have to do anything to take advantage of Prop 8.  His department will automatically review each year’s lien date value to determine whether it should be maintained, lowered, or increased.  Unless there is a change in ownership or new construction, your assessment can never increase above the factored Proposition 13 base year value.  If you feel the assessment is still higher than the market value for the lien date you may file an Application for Changed Assessment.  You may also want to download this Assessment Appeals Information Pamphlet. 

Below is a quote from the June 20th, 2008 news release from the County of Ventura notifying Ventura County Property about their right to challenge their assessments.

The Ventura County Assessment Appeal Boards announced today that taxpayers that wish to challenge the value placed on their property by the Assessor may file an application to reduce their assessment.  The time for filing applications during the regular equalization period commences on July 2, 2008, and ends on November 30, 2008.  November 30th falls on Sunday, therefore, Monday, December 1, 2008 is the final day to file an application.  An application received on or post marked by December 1, 2008, shall be deemed to have been filed within the specified time period.  Applications may be request in person, by mail, or by phone and may also be obtained online at: http://ceo.countyofventura.org/cob. All applications must be returned to the Clerk of the Board of Supervisors, Ventura County Government Center, Hall of Administration, 4th Floor, 800 South Victoria Avenue, L#1920, Ventura, California, 93009-1920.

If you wish to file an Application for Changed Assessment, you will also need information on closed comparable sales to support your request.  The best way to get that information is through your real estate agent who can search the MLS database.  If you don’t already have a favorite Realtor (or if I am already your favorite), call me and I’ll be happy to help you.

For more comprehensie information on Proposition 8, visit the Ventura County Tax Assessor’s website at: http://assessor.countyofventura.org/TaxSavings/Declineinvalue.html.