This week’s blog series has focused on real estate and how your estate planning attorney can help you leverage and protect it. But we know that many homeowners right now aren’t concerned so much with protecting their property, but protecting themselves—from the effects of falling home prices. If you are one of these homeowners, this post is for you.
Craig Gustafson describes in his article how one San Diego, CA resident found relief by asking county officials to reassess the value of his property in order to lower his taxes. The result will save him $1000 annually. This trend of reassessing property is taking hold not only in California, but all over the country (although not all residents will be as lucky as Michael Ortiz).
Before you run to your phone to call your assessor, Deborah Gates asks us in her article to remember that lowered assessments can have far-reaching results not only for you, but for your entire community. One of those effects includes a lower assessable base from which counties can draw income, which could result in a rise in county taxes. Another effect, which is more personal, is that when your house is valued at a lower price, you lose the credit you have to your name, and which banks are willing to let you borrow against.
If after reading both of these articles, you still feel that a new assessment is the right step for you, Elizabeth Brokamp has some advice that can make the assessment process go a little more smoothly. Brokamp includes some excellent tips in her article, but one thing she leaves out is that you can ask for help from professionals who know the process. This is one of those situations when experience can make all the difference.
However, if all these articles only tell us one thing, it should be that assessing your property is anything but a quick and simple fix. Before taking action it is always helpful to get the advice of the advisors you know and trust, including your estate planning attorney. Remember, although the property is yours, you don’t have to do it alone.