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 appliation 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.
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
Value Before
Loss |
Equals the percentage loss |
Times the Assessable
Improvement
Value |
Times the Tax
Rate |
Times the One-half Year
Relief is Sought |
Tax Dollar
Amount |
| $10,000/$75,000 |
13.33% |
$25,000
|
1.00% |
.5 |
$16.66 |
If you have questions, please call (650) 363-4500.
|
