Decline in Escondido Home Values
- Market Value – Is how much the property would sell for (the unconditional sales price)
- Taxable Value – Is established by the Assessor, (the Prop. 13 value), and this value may be increased by a
CPI factor of up to 2% per year as specified by California laws
A temporary reduction in Escondido property taxes can only be granted if the Escondido home Market Value falls below the Prop. 13 value (Taxable Value). Some property purchased in 2005, 2006 and 2007 would be the most likely to qualify. Property is valued for property tax purposes each year as of January 1. If you’d like information about recent comparable sales in the Escondido real estate area to see what today’s value may be, simply contact Gary Harmon, your Escondido Realtor. I’d be happy to help you!