Housing BUZZ

Reduce Your Property Tax Bill, What You Need to Know

Did you know that with decreased property values that you may qualify to reduce the amount of propoerty taxes you pay?  This is especially true if you have purchased in the past few years.

Proposition 8 allows for a temporary reduction of assessed value if the property has a market value that is less than its Proposition 13 value. What that means to you is that if your property value has declined you may qualify for a temporary reduction on your property taxes. And with property values on the decline, this may be a nice light at the end of the tunnel.

So, what can you do if you think your property values have declined? For one thing, don't fall for all the advertising offering valuation services that guarantee they can reduce your property taxes. What most people don't know is that the County Tax Assessor's office provides assistance for free. So save your money and instead go on-line or contact your County's Tax Assessor office and they'll be more than happy to help you.

Santa Clara County has a simple one page form that is available by clicking the following link: http://www.scc-assessor.org. Once the form is completed, it may be submitted by fax, email or at the county assessor’s front office. Their office will contact you within two weeks of receiving your completed form.

It is also helpful to include any supporting documentation you may have. For example, appraisals, comparables, or multiple listings will be especially helpful in expediting your property tax reduction if warranted. To get a better idea of your home's value please feel free to contact us for some comparables or try our online home valuation model. Other online resources for determining your home's market value are:

• www.Zillow.com
• www.eppraisal.com
• www.cyberhomes.com

If you are uncertain of the current market value of your home, please feel free to give us a call and any one of our agents will be happy to assist you in providing the supporting documents to warrant a property tax deduction.

**Please note that the Office of the County Assessor requests that all review requests be submitted between July 5 and September 15th.

Foreclosure Resource Center Opens in San Jose with Help from Local REALTORS

For residents of Santa Clara County there is a new Foreclosure Assistance Service available - The Santa Clara County Association of REALTORS®, in partnership with the City of San Jose, has helped to establish a Foreclosure Resource Center for all the residents of Santa Clara County. The 'Center' is a one-stop center for foreclosure information and it's entirely FREE!

San Jose, and its surrounding neighborhoods, has experienced a 140% increase in foreclosures over the past two years, from 5,838 in 2007 to 13,989 in 2008. This is consistent with the nationwide housing downturn caused by what many experts like to label as "the subprime lending crisis" immediately followed by the "liquidity crisis". No matter what caused the housing downturn (irresponsible lending habits of "major" banks, subprime loans, over-anxious home buyers, unscrupulous financial derivatives) we are all faced with a real dilemma that cannot go ignored. It's nice to know that our local REALTORS are volunteering their time to help those in need.

To date, foreclosures have concentrated in specific geographic areas, particularly in East San Jose, Central San Jose, and along the southern stretch of Highway 101. The number of foreclosure filings is expected to remain high for some time, as a large amount of outstanding bad loans remain. In addition, the region is experiencing a rise in unemployment due to the housing-induced economic recession, exposing more households to the danger of defaulting on their mortgage.

In an effort to respond to the rapid increase in foreclosures, the City has convened the Foreclosure Prevention Task Force, comprised of nonprofit and real estate industry partners. The Task Force has adopted an aggressive and comprehensive strategy that includes prevention, intervention, family re-stabilization and neighborhood stabilization activities under the ForeclosureHELP Program.

Foreclosure Help through the City of San Jose provides information and referral services to assist families impacted by foreclosure navigate through the foreclosure process. Services provided include prevention, intervention and family re-stabilization. Local REALTORS are volunteering their time to assist those at-risk homeowners by discussing their foreclosure alternatives.  Volunteer staff will meet with at-risk homeowners (FREE of charge) to determine their circumstances and connect them with the appropriate resources such as HUD-certified foreclosure prevention counselors, non-profit legal services, emergency financial assistance and other housing services.

If you or anyone you know might need assistance, please send them to the Foreclosure Resource Center website (www.ForeclosureHelpSCC.org) so that they can contact a representative and setup an appointment. The website provides information on the necessary forms for at-risk homeowners to fill out and bring with them, a list of potential foreclosure scams to be aware of including a list of ways to avoid them, legislative updates regarding foreclosure, a common questions and answer section, and much more. There is also a section available to report neglected and vacant homes so that the City can ensure that our neighborhoods stay safe.