When the market goes back up, though, that same Proposition allows then the reassessment of the properties by the County to go back up by more than 2%, until it reaches the value that it would have been if it had not gone down in the first place.
The request for re-evaluation of an assessment by the County can be done electronically now through their revamped web site, which provides easier ways to search for comparables and maps.
Santa Clara County assessor's web site.
and: contesting your assessed value.
If you wish, I can also assist you by providing a study of the recent sales through the MLS - which has saved quite a bit of money to some of my clients in the past few years.
Rates are super low right now! Mortgage rates
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