THE SECOND STORY | September 1st, 2008

Can you reduce your property tax bill? MAYBE…(also Alameda July and August sales stats)

Dear Friends and Clients,

Some of you have taken me up on my offer to give you an updated value so you can consider the opportunity to reduce your property tax bill as allowed by Proposition 8. Remember that assessments are supposed to reflect the market value of the property when you bought it, subject to a maximum 2% annual increase when the economy supports it.

This is a terrific link to the Alameda CountyTax Assessor and it answers loads of questions, gives great examples and has additional links for getting the application to challenge your valuation and also gives other options (call for info, go in person) to get your challenge questions answered.

If you bought before the market heated up, then chances are good (and I’m happy to answer your questions about values) you are still taxed at a lower rate than what the market may have dropped to.

If you bought and did loads of improvements and those items that require a permit triggered supplemental property taxes reflecting the valuation of the work done, then there is a chance that assessed value may be too high.

If you sold a property used as a personal residence (or a portion of it, like an owner occupied unit in a duplex), and then bought a replacement property for a price less than what you sold the prorated personal residence portion for, chances are your transfer of the relinquished property tax basis is still lower than the current market rate.

If you bought a property in the past handful of years you may be positioned to challenge that tax bill.

If you have questions about values for your property with respect to your tax bill, you’ve got until 9-15-2008 to put your challenge in writing to the Alameda County Assessor.

Note that some counties are being proactive on this and have automatically reduced the valuation on that card they sent out to you this past July. They do that to avoid the glut of paperwork they would otherwise have to face. Smart move.

The sales stats below are just numbers but may give you an idea of the market activity. Please realize that location and condition of properties are not considered (water views, docks, lagoons, Gold Coast, new homes, surrounding area, planned community). DOM Days On Market can be skewed if the agent churned the listing (re-inserted it as new).

Alameda July Sales Stats

2 bedroom single family homes

3 bedroom single family homes

4 bedroom single family homes

2 bedroom apartment style condos

  • 0 sales

3 bedroom townhomes

4 unit apartment buildings

  • 0 sales

Alameda August sales stats

2 bedroom single family homes

3 bedroom single family homes

4 bedroom single family homes

2 bedroom apartment style condos

3 bedroom townhomes

4 unit apartment buildings

If you’d like to receive an email notice that a weekly post has been made with that week’s Alameda sales activity along with any random and/or pertinent observations, (see previous posts for examples), just let me know. If I don’t know you I will respond to a phone call rather than an unidentified email!

Best, Marilyn

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Marilyn

I arrived in Alameda in 1973, as a new bride...with husband Carl Schumacher, both of us from Newport Beach. He was embarking on his career as a Naval Architect (i.e. yacht designer) under Gary Mull. Please see the 'ABOUT ME' page in this website! www.MarilynSchumacher.com to see how it has all turned out! I'm so blessed!

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