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dispute property taxes in Sacramento County

What is an “escape assessment”?

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Sacramento County Assessment Appeals Board at 700 H StreetThere is no escaping property taxes, right?

According to the Sacramento County Assessor, “An “escape assessment” is a correction to a property’s assessed value on the local property tax roll. The correction is made because the Assessor’s Office discovered a property or a taxable event that should have been assessed but was not. Current and/or prior year tax rolls may be affected. The most common reasons for an escape assessment are overlooked or unreported new construction, a missed change of ownership… or the removal of an exemption.”

Why am I talking about escape assessments? I just finished up some property tax consulting work for an East Sacramento home owner who needed research for his property’s value over the past four years. I love this type of work because it’s exciting to analyze the market for a number of years to establish a value over time. In this situation the owner inherited the property in 2008 from a friend, but the Assessor’s Office was not informed at the time of the death of the original owner, which should have triggered a reassessment. When the Assessor discovered the death and change of ownership, they sent the new owner a “Notice of Proposed Escape Assessment”, which basically means the Assessor’s Office enrolled new assessments for the property for the past four years. The home owner can appeal the values within 60 days of the issuance of the notice. Since the owner disagreed with the value put on the tax roll by the Assessor for 2008-2011, he hired me to show what market value was during each of these respective years.

NOTE: In situations like this the owner can appeal property taxes for multiple years in the past, but that’s not the case in typical “decline in value” situations. If you have been overtaxed for the past several years, for example, but you did not formally dispute your property taxes at the time, then there is nothing you can do once the appeals deadline passes on November 30 of the given year. All you can do is wait until the next year to appeal your property taxes.

Does that make sense? Let me know if you have any questions.

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How to lose money quickly by not paying attention to your property taxes

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This is a great example of what happens when a home owner purchases a property, the real estate market has a major shift, and the home owner does not pay attention to property taxes. This is a real scenario and unfortunately it’s all too common.

I just finished a tax appeal report for a home owner in Fair Oaks. His property is assessed at $281,873 and has been assessed at that level for the past three years. He originally purchased the property in 2003 for $292,000. All things considered, after a detailed analysis, market value on January 1 was actually $150,000, which is $130,000 less than the assessed value. This means the owner was scheduled to overpay by $1,648 this year (he easily overpaid these past two years also by $2,500).

Life is full and there are so many things to stay on top of, so it’s understandable to not pay attention to property taxes. However, think in terms of the exodus of greenbacks from your wallet that should be staying comfortable in your pocket. This home owner easily overpaid $2,500 over the past two years and was scheduled to overpay another $1,648 this year had he not contacted me. How does giving the county $4,000 of YOUR money sound to you?

Remember the deadline to dispute property taxes in Sacramento County is November 30, 2011. Contact me and I’ll be glad to explain how the process works and take a preliminary free look into your property to give a professional eye to your situation. By the way, you can look up your property HERE to see how the county has assesed you (your value should be based on January 1). The tax appeal world often feels like foreign territory for many home owners, so let me at least give you insight into what to do and how to do it. I typically charge $99 for a very solid appeal report that includes multiple trend graphs of your neighborhood, a market analysis, the best comps and the worst comps too if need be. You should only hire me or someone like me if there is a savings to be had though. Don’t waste your money on a report that is not needed. Whatever you do, pay attention.

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

Overpaying $901 per year in property taxes

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This graph illustrates perfectly why it’s important for some home owners to dispute their property taxes. Can you see how the Assessor’s value is truly a “lone ranger” among similar sales? A Sacramento area investor contacted me to prepare an appeal report for him to demonstrate market value on January 1 (date of assessment). As you can see, there is an enormous difference between assessed value at $167,154 and market value at $95,000 in the case of this halfplex in Citrus Heights. The savings in taxes per year equals $901, which works out to $75 per month. What would you do with an extra $75 each month in your pocket? (money that should be there in the first place)

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.