If you have recently sustained a property loss, you may qualify for property tax relief only if the loss exceeded $10,000. If the damage or destruction to assessable property exceeds $10,000, complete and return the application below. An application must be filed within 12 months of the date of loss. Please note that personal effects, household furnishings and business inventories are not assessable property.
Qualifying tax relief is given regardless of any insurance compensation.
The following is an example that shows the tax savings that would result from damage at the minimum allowable of $10,000. The example assumes that the damage occurred in January. Since January is halfway through the county fiscal year (July 1-June 30), the example figures one-half year of tax relief.
The computation uses information from the tax bill - value of the land, value of improvements, value of assessable personal property - as well as the comparable figures at "market value." Typically, property is assessed at values below what it may be worth if sold on the open market. The computation takes this differential into account.
|LAND||IMPROVEMENT||ASSESSABLE PERSONAL PROPERTY||TOTAL|
|Assessed Value as Shown on Last Tax Bill||$15,000||$25,000||$20,000||$60,000|
|Market Value Before Loss||$50,000||$75,000||$20,000||$145,000|
|Damage divided by the Improvement
|Equals the percentage loss||Times the Assessable Improvement Value||Times the Tax Rate||Times the One-half Year Relief is Sought||Tax Dollar Amount|
If you have questions, please call (805) 654-2181.