Imagine you buy a home for $800,000…
Then 6–12 months later, the market drops and homes like yours are selling closer to $680,000 😬
So, what happens now?
Well, here’s something I think every California homeowner should know:
If your home’s market value falls below its assessed value, you may be able to request a Proposition 8 Decline-in-Value review.
If approved, the county can temporarily lower your assessed value; which could also mean lower property taxes while home values are down.
Of course, there are a few rules and dates that matter, but it’s one of those homeowner resources that’s good to know exists.
I’m a big believer that owning a home also means understanding the little things that can help you along the way 🏡
Until the next one,
Claudia
