Property Owners Reminded to File Tax Reduction Requests ASAP

RIVERSIDE (CNS) - Riverside County property owners who believe their
home, business or other fixed asset fell in value in the last year -- and
therefore should be taxed less -- were encouraged today to apply for assessment
reductions as soon as possible.
  

``Our office reviews market conditions each year to determine where
adjustments are warranted under Proposition 8,'' county Assessor-Clerk-Recorder
Peter Aldana said. ``For property owners who believe their value needs
additional review, the request for review provides a direct way for us to take
a closer look.''
  

Property tax assessments for the most recent tax year are valued as of
Jan. 1.
  

Aldana said that, ideally, reduction requests should be submitted by
May 15 to give the office more than enough time to conduct research and set a
date for a hearing, if necessary. However, under state law, owners are free to
file requests until Nov. 1.
  

That provision paves the way for hearings before Assessment Appeals
officers and boards if reductions are not approved after the initial filing.
  

Prop 8 followed voter approval nearly five decades ago of Proposition
13. That statewide property tax mitigation measure, spearheaded by Howard
Jarvis, resulted in inflation controls specifying that taxes can only go up on
an additional 2% of tax increment each year, though there are exceptions.
  

Details on how to file Prop 8 review requests can be found here.

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