Hello Friends!
The holidays are approaching it seems so quickly! Before the elections it felt like the whole country was holding its breath and since they have passed it seems like time is flying! Aren't you all excited to see what changes will come along with the entire change it took to elect our new President?Although, everywhere doom and gloom is predicted and everyone is clutching tightly to what we know and what we have great opportunities exist in every type of economy and there are certainly plenty in this one!
I hope you all have taken advantage of the information offered at http://www.propertytaxlittleblackbook.com! There are many articles posted on different aspects of property taxes in California and I would love to receive your feedback and questions on any of the articles posted! I have taken the time to articulate different aspects of the law and hope that will help all of you understand how and why you are paying the thousands you may be paying to the state!
*STORY OF THE MONTH*
I have a friend who called me because she wanted to have the records on her property reflect a duplex instead of a single family home, however she wasn't sure if the second unit on her property was permitted or not and did not want to get in trouble with the city! She was very nervous however changing the record to a duplex meant she would be able to add over $100,000 in value and refinance her property. I explained to her that the city and the county assessor (which handles official building records) are two very different entities that don't really communicate with each other. The Assessor which creates records isn't concerned with what is legal or not, they are simply concerned with market value. So the Assessor wants the record to be accurate about what is on the property, because often when illegal structures can still add value. Even if the Assessor updates the record to show what is on a property it doesn't trigger the city inspector. The records are very separate! Unless your neighbor reports you, the Assessor doesn't trigger anything to have your property records updated as long as you didn't actually build... then you may trigger a reassessment. To simply have your square footage updated or bedroom count or something else that was already there when you bought the property is very easy! Just call the Assessor and tell them and ask them to update your record and make sure they know it was done before you bought it! Not the city, the county Assessor and your official building records will be corrected! All without having to deal with the city!
I know property taxes are not the most entertaining subject, however ALWAYS remember that knowledge is power and understanding has its many advantages. My vision is for all of you to understand and make the most of the law so that you can save the most! I look forward to your feedback! Feel free to post comments up on my website! Ask any questions regarding assessments, property taxes, permits, etc that you may have!
Take care,
Valerie Faltas
Property Tax Expert
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