Some Alameda County homeowners are about to get a pleasant surprise, with a significant reduction in their property taxes.
The announcement from Alameda County Assessor Phong La had some people wondering if it was a typo, or even some kind of joke.La said he's lowering the tax bill for more than 8,300 homeowners because their homes' value has dropped more than five percent below what they paid for it.
The properties in question were all purchased between January and October of last year. That was the height of the market and since then, the value of some homes has declined by as much as 10 percent. David Stark with the Bay East Association of Realtors explained why. When the Assessor saw what was happening, he asked Bay East to help gather data on the situation. In 1978, Proposition 8 was approved to allow counties to temporarily lower tax assessments when real estate values decline. So, while the market is down, La is lowering taxes for some people who bought homes last year, reducing the county's tax revenue by more than 9 million dollars.
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