Unlocking Property Tax Savings in California: Strategies for 2024 Appeals

As property owners in California prepare for 2024, understanding the nuances of property tax appeals can unlock significant savings. One of the primary opportunities lies in leveraging Proposition 8, which allows for temporary reductions in assessed value if the fair market value of your property is below the upcoming assessment as of January 1. By collecting recent sales (market) data of comparable properties, preparing appraisals, and documenting any property deficiencies, owners can build a compelling case for a lower assessment. The annual appeal period typically ends on September 16 or December 2, depending on the county. Right now is a critical window for filing these appeals with your county’s Assessment Appeals Board.

Recent market trends and economic factors, such as increasing interest and capitalization rates, can influence property assessments. Monitoring these trends is crucial, as they can present challenges and opportunities for property tax appeals. For instance, while a robust real estate market may generally drive up assessments, identifying any market corrections or localized declines can still provide a basis for appeal.

For those managing commercial or industrial properties, the income approach to valuation and current occupancy rates can provide essential evidence for an appeal. The local experts at Ryan are the most experienced professionals in the California market, offering both industry and property type expertise, along with insights from former assessors. Unlike law firms, Ryan’s professionals are more valuation-focused and proactive, ensuring maximum tax savings for clients.