Both San Mateo County and Santa Clara County allow property owners to reduce there property tax amounts if the current market value of the property is below the current assessed value.
So if you have purchased your home within the past few years, you may qualify.
To be clear, property owners do not qualify for a property tax reduction just because their property value has dropped.
For example, if you bought a home 10 years ago for $500,000 and the market value one year ago was $1,000,000 and now it is $900,000; you can't get your property taxes reduced since your current assessment is probably around $550,000 BELOW current market value.
The forms for both counties are listed below:
San Mateo County Tax Reduction Form
Santa Clara County Tax Reduction Form
You can file these forms via email, fax or snail mail.
If you need any assistance or other information on the current local market, just let me know.