Tax assessment, or valuation, is basically the task of deciding the extent to which a piece of property’s value has been depreciated, and in some cases determining the purpose, or intended use, of that property, in order to compute a property tax. In this respect, the word ‘appraisal’ is a synonym for tax assessment. In California, all real estate transactions are required to be appraised within a year after the close of escrow. The purpose of the appraisal is to facilitate the collection of the tax on the sale, but also ensures that the property’s value does not increase more than allowable limits. An office called an assessor usually performs this task.
| Tax Assessment Cases
Tax assessment, or valuation, is basically the task of deciding the extent to which a piece of property’s value has been depreciated, and in some cases determining the purpose, or intended use, of that property, in order to compute a property tax. In this respect, the word ‘appraisal’ is a synonym for tax assessment. In California, all real estate transactions are required to be appraised within a year after the close of escrow. The purpose of the appraisal is to facilitate the collection of the tax on the sale, but also ensures that the property’s value does not increase more than allowable limits. An office called an assessor usually performs this task.
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The assessor performs this job according to a systematic process. First, he/she must obtain the assessed value of the property. Then, according to prescribed rules, the assessor shall adjust the assessment by taking into consideration the depreciation due to wear and tear, repair, renovation, expansion, addition, and other similar circumstances that may have occurred in the course of the property’s years of service. After this adjustment, the assessor shall provide the taxing authority with a certified report setting forth the new assessed value. Visit here for more information about bankruptcy lawyer Phoenix AZ.
One of the most common problems encountered by taxpayers in California is the disagreement between the amount of property tax assessments against the actual value of the property. There are several reasons why this occurs. For example, when a home is extensively remodeled without any repairs, the value assessment may be higher than it would have been otherwise. Another reason for a difference in assessed value is when home owners fail to disclose relevant facts to the assessor, thus resulting in an under-estimation of taxes. And, even if significant errors are made in the computation of property tax assessments, these errors do not usually affect homeowners’ ability to submit the appropriate adjustments to their balances on their tax loans.
One way that home owners can reduce the over-assessment of their real property in California is to contest all assessments with the Assessor of Records. In most cases, the Assessor will certify an assessment within two months after completing the process. If the challenged assessment fails to meet the established criteria for certification, the reassessments of the same property can be made within three months after the certificate of assessment has been issued. In most circumstances, taxpayers need not pay the additional costs associated with these challenges. This is because the Assessor typically has no choice but to comply with the state’s requirements.
There is one exception to this general rule: if the Assessor has not certified the entire property tax bill and the bill has not been accepted by the County Recorder, a refund claim can still be filed with the Recorder. In most circumstances, however, if the valuation of the real property has changed since you filed your original complaint, the refund must be filed within two years of the date on which the original complaint was filed. The County Recorder will either require you to file a new complaint or issue a revised bill after four or five business days. The new bill will reflect any changes that have been made since your original complaint was filed.
Because California’s property values are often sensitive and highly influenced by local events, local governments often do not issue property values quickly. Unfortunately, even when the city issues taxes for a year or two, the process can be slow, especially if a local economy is in a downturn. This can make it difficult for the county to determine the full amount it is required to reimburse homeowners. In such cases, the local government will issue a “Default Judgment” that states that the taxes are not owed. As a result, taxpayers who believe that they have been improperly assessed will often seek an experienced tax lawyer to represent them in court.