November 4, 2007

Condo Taxes

This year, our condo tax bill increased from $3619.60 to $3,685.68. This is surprising considering the decline in Southern California property values. We purchased our condo two years ago for $333,250. Similar units are now selling for ~$260,000-$290,000.

Our tax bill indicates the county's assessed value pf our condo is currently $340,016. A couple of our neighbors have been successful this year at reducing their condo taxes $500-$1,000 simply by challenge the county's current value of their property. So, we have decided to do the same. We filled out an APPLICATION FOR CHANGED ASSESSMENT, in which we estimated our properties value at $275,000. The form was easy to complete but the approval process can take a couple of months. If we are successful, we will receive a refund on the taxes we paid this year.

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