In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.

 

LTV Financial will submit an application and work with your local County Assessor to prove that the market value for your property is less than the assessed value. Upon successful negotiation of this application, If the market value as of January 1 is less than your current taxed value, your assessed value will be lowered to the market value for the fiscal year beginning on July 1. The adjusted value will be reflected on your annual tax bill. 2. If the current market value is higher than the trended base value, no change in assessed value will be made.

 

Typical turnaround time for Review and Approval is 60 - 90 days

 

Your property tax reduction may be reflected as a Credit in your next tax bill. However, it is more likely that you will receive a refund of any overpaid property taxes before then.