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CONTACT US NOW
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We are totally focused on
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
Things you should know as a homeowner
1) Have you checked your latest property tax assessments? Have you filed a
homestead exemption on your property as your principal residence?
Contact your local County tax assessor office to request a reassessment review.
Contact your real estate agent or broker to obtain recent sales comparables to
substantiate a decline in property values.
California law (California Revenue & Taxation Code Sections 51 et seq) provides for a
temporary reduction of the assessed value of real property if its market value as of
January 1st is less than its assessed value, commonly referred to as a Proposition 8
reduction. Once a property is placed on Proposition 8 status, the Assessor reviews the
value annually for increases or decreases and adjusts accordingly. Although there is
no limit on how much the value of a property on Proposition 8 status can be increased
or reduced in any given year, the assessed value can never exceed the Proposition 13
factored base year value. A reduction can be initiated by either the property owner or
the Assessor.
California Revenue & Taxation Code Section 253.5 states: "Any person claiming the
homeowners' property tax exemption shall submit to the assessor an affidavit, giving
any information required by the board. Such information shall include, but shall not
be limited to, the name of the person claiming the exemption, the address of the
property, and a statement to the effect that the claimant owned and occupied the
property as his principal place of residence on the lien date, or that he owns and
intends to occupy the property as his principal place of residence on the next
succeeding lien date."
Check with your local County Tax Assessor's Office for local forms being utilized for this
purpose.
2) Have you reviewed your hazard insurance coverage with your insurance agent
lately?
The California Civil Code Section 2955.5 states:
" (a) No lender shall require a borrower, as a condition of
receiving or maintaining a loan secured by real property, to provide
hazard insurance coverage against risks to the improvements on that
real property in an amount exceeding the replacement value of the
improvements on the property.
(b) A lender shall disclose to a borrower, in writing, the
contents of subdivision (a), as soon as practicable, but before
execution of any note or security documents.
(c) Any person harmed by a violation of this section shall be
entitled to obtain injunctive relief and may recover damages and
reasonable attorney's fees and costs.
(d) A violation of this section does not affect the validity of
the loan, note secured by a deed of trust, mortgage, or deed of
trust.
(e) For purposes of this section:
(1) "Hazard insurance coverage" means insurance against losses
caused by perils which are commonly covered in policies described as
a "Homeowner's Policy," "General Property Form," "Guaranteed
Replacement Cost Insurance," "Special Building Form," "Standard Fire,"
"Standard Fire with Extended Coverage," "Standard Fire with Special
Form Endorsement," or comparable insurance coverage to protect the
real property against loss or damage from fire and other perils
covered within the scope of a standard extended coverage endorsement.
(2) "Improvements" means buildings or structures attached to the
real property."
Ensure you are not paying excessive hazard insurance coverage.
© 2009 Gold Fortune Realty
1) Have you checked your latest property tax assessments? Have you filed a
homestead exemption on your property as your principal residence?
Contact your local County tax assessor office to request a reassessment review.
Contact your real estate agent or broker to obtain recent sales comparables to
substantiate a decline in property values.
California law (California Revenue & Taxation Code Sections 51 et seq) provides for a
temporary reduction of the assessed value of real property if its market value as of
January 1st is less than its assessed value, commonly referred to as a Proposition 8
reduction. Once a property is placed on Proposition 8 status, the Assessor reviews the
value annually for increases or decreases and adjusts accordingly. Although there is
no limit on how much the value of a property on Proposition 8 status can be increased
or reduced in any given year, the assessed value can never exceed the Proposition 13
factored base year value. A reduction can be initiated by either the property owner or
the Assessor.
California Revenue & Taxation Code Section 253.5 states: "Any person claiming the
homeowners' property tax exemption shall submit to the assessor an affidavit, giving
any information required by the board. Such information shall include, but shall not
be limited to, the name of the person claiming the exemption, the address of the
property, and a statement to the effect that the claimant owned and occupied the
property as his principal place of residence on the lien date, or that he owns and
intends to occupy the property as his principal place of residence on the next
succeeding lien date."
Check with your local County Tax Assessor's Office for local forms being utilized for this
purpose.
2) Have you reviewed your hazard insurance coverage with your insurance agent
lately?
The California Civil Code Section 2955.5 states:
" (a) No lender shall require a borrower, as a condition of
receiving or maintaining a loan secured by real property, to provide
hazard insurance coverage against risks to the improvements on that
real property in an amount exceeding the replacement value of the
improvements on the property.
(b) A lender shall disclose to a borrower, in writing, the
contents of subdivision (a), as soon as practicable, but before
execution of any note or security documents.
(c) Any person harmed by a violation of this section shall be
entitled to obtain injunctive relief and may recover damages and
reasonable attorney's fees and costs.
(d) A violation of this section does not affect the validity of
the loan, note secured by a deed of trust, mortgage, or deed of
trust.
(e) For purposes of this section:
(1) "Hazard insurance coverage" means insurance against losses
caused by perils which are commonly covered in policies described as
a "Homeowner's Policy," "General Property Form," "Guaranteed
Replacement Cost Insurance," "Special Building Form," "Standard Fire,"
"Standard Fire with Extended Coverage," "Standard Fire with Special
Form Endorsement," or comparable insurance coverage to protect the
real property against loss or damage from fire and other perils
covered within the scope of a standard extended coverage endorsement.
(2) "Improvements" means buildings or structures attached to the
real property."
Ensure you are not paying excessive hazard insurance coverage.
© 2009 Gold Fortune Realty
