County homeowners may see reduced property taxes

Homeowners in Ventura County who purchased a house between July 2005 and October 2006 may qualify for a temporary tax reduction because home values have declined, said County Tax Assessor Dan Goodwin.

Oak Park homes in unincorporated Ventura County are affected.

Proposition 8, passed by voters in 1979, prescribes that if the market value of a property as of Jan. 1, 2007, is below the total assessed value shown on a homeowner's 2006-07 annual property tax bill, the property may qualify for a temporary assessed-value reduction.

The tax assessor's office reviewed the assessment for 18,000 properties in the county and reappraised 15,225 based on January 2007 home values.

According to Goodwin, 8,622 properties will get a tax assessment reduction, equaling an overall tax saving of more than $4 million for Ventura County residents.

New assessment notices to be sent out in midJuly will reflect these changes.

"This isn't happening in all counties. Some assessors decided to wait until they get appeals but it's more efficient to do it this way," Goodwin said.

The assessment notice is separate from the regular tax bills sent out in October to cover the 2007-08 fiscal year.

Since various private organizations are soliciting taxpayers for a retainer fee to assist them in reducing their residential property values, Goodwin suggested residents wait until they receive the new assessment in July before they send any money to solicitors.

Property owners who believe their new assessed value is still higher than the market value as of Jan. 1, 2007 can submit an application for decline in value review form to the assessor's office.

"I'm hoping to save people the trouble and the expense of paying for an application they can get for free," said Goodwin, indicating that homeowners have until November 2007 to file this appeal.

The applications may be obtained on the Internet at www.assessor.countyofventura.org or by contacting the assessor's office at (805) 477-1512.