Kris, Other/Just Looking in San Francisco, CA

Hi there. I own penthouse 2 at 845 montgomery street, and I bought last May before the crash.... I want to

Asked by Kris, San Francisco, CA Sun Mar 29, 2009

know how I can go about getting my place reassessed farther down.

How low am I likely to get? Thanks.

I paid about 2.175 M or about 1238 psf.

Help the community by answering this question:

Answers

4
That's a nice building. I would try and get the reassessment. You can argue that prices per square foot have gone down and support that with agent and/or appraiser values. Even at a 10% drop in value, you're looking as a significant savings each year. Good luck!

Shaban Shakoori
TRI Coldwell Banker, SF's #1 Office
0 votes Thank Flag Link Sun Mar 29, 2009
Hi Kris,

Have your realtor run some comparables for you and make sure you get a CMA cover page which lists Active, Pending & Sold. The Sold units are the key. Then go to the Assessor's Office in person and file the paperwork to request lowering of your tax bill. Be sure to keep a record of the date, person you spoke with and what they said verbally to you.

If you do not get a letter back in response, call them. Be sure to give them time to reply as I am sure they are overloaded since prices have fallen. But I would make my first effort face-to-face. You will get a better and faster response.

Good luck,
Sally
0 votes Thank Flag Link Sun Mar 29, 2009
Kris,

The crieria needed to lower your assesed value is available at the assessors office at City Hall. First remember that the tax is 1.14% ($1,140 on $100,000 drop in valuation) so there is a point where going through the work getting it redone isn't worth it.

If you have comparable sales showing not much of a difference it might not be worth it. Much of San Francisco hasn't gone down in value as much as other areas in the state ofr Bay Area.

Check out the ramifications also. I've heard that if yiou do get a lowered valuation the assessor will re-examine the property in a few years which might put you higher than you were at sale.
0 votes Thank Flag Link Sun Mar 29, 2009
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
Contact
One more thing: I want it reasessed for tax purposes....

I have the CMA but I don't think the comps will justify huge price shifts.
0 votes Thank Flag Link Sun Mar 29, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer