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Property Tax Reassessment in CA

Isn't the property tax value of the TS based not on what the TS is currently selling for but what you paid for it?

So three people could own the same TS and one paid $30K, one $15K and one $7K, they would all pay a different tax based on what they each paid.
 
I own a San Diego county timeshare that I purchased several years ago. At the time of transfer, my property taxes were roughly $70. Since I paid $1000 on resale for the week, I applied for reassessment as soon as the deed was recorded in our names. The only supporting document I provided was record of how much I paid for the timeshare. My recollection is that my taxes dropped down to the $20s when my request was granted.
 
DanH said:
Has anyone tried applying for a property tax reassessment for their timeshare property? I own at Marriot Desert Springs, Riverside county and I've seen resales of prime RED weeks there for under $7,000 (see offerings on Redweek.com and TUG.)

If you have been sucessful, can you share with us how you did it and any tricks you learned along the way?
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Dan, see my post a few above yours. Get a couple of comparative sales (I got mine from ebay), get the form from the assessor, and send it in. Deadline is April 30.
 
thinze3 said:
The notice I received recently stated the value at just over $7100.
My taxes were only about $180 or 2.5%

See this thread.
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I'm confused. Does Riverside County have a different RE tax rate, substantially different, from Orange County? I though Prop 13 limited such variations.

Your net taxes are almost the same as the ones on my NCV interval, which is assessed at over 17K in value. :confused:

While this money may not mean much to some, going through a divorce and taking care of a terminally ill mother causes every dollar to be important to me. Hence my questions :)
 
camachinist said:
I'm confused. Does Riverside County have a different RE tax rate, substantially different, from Orange County? I thought Prop 13 limited such variations.
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They should all have the same base rate, but any municpality can have enumerable additional fees (mosquito abatement, education bonds passed by 2/3 vote, park assements, street lights, ad nauseum).
 
Bill4728 said:
Isn't the property tax value of the TS based not on what the TS is currently selling for but what you paid for it?

So three people could own the same TS and one paid $30K, one $15K and one $7K, they would all pay a different tax based on what they each paid.
Click to expand...

Found this on the Sacramento County Assessor's website:

Proposition 13 and Real Property Assessments: The law provides that the sales price of the property is presumed to be its market value unless the Assessor can demonstrate through market or other evidence that the sales price does not accurately reflect market value.
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That would explain why the NCV Platinum Holiday week that I purchased in 2008 for $14K was assessed at $22,000. The Assessor was determining market value based upon the price of units purchased at resale and those purchased at full developer.
 
Yes, I believe there were about 11 supplemental taxes/fees listed on my OC tax bill which were included in the ~190 tax. The individual amounts were small due to the insignificant assessment of a timeshare versus normal real estate values. It appears Riverside's net tax rate is more than double that of OC. Considering the relative demographic, I find that really hard to believe

WTH, it's Kalifornia. Nothing surprises me anymore...
 
How do you find actual comparables (with specific property ID numbers) for NCV?

I ran into this problem a few years back. They wanted to jack up tax rate alot. I called them and they looked into it and called me back. I have an EOY plat. I think I was at 9k, and they then said 12k after proposing alot more. I could not find comparable through their website, so I have been paying that.
 
Just received 2011 NCV Property Value Notice

As you may recall, I had appealed the 2010 valuation of $11899 for a gold NCV week. I didn't go to the appeal session, as it was at 9am in Santa Ana, which meant I would have had to drive rush hour and pay for parking, and that frankly wasn't worth the savings I might have made.

I did file the "informal revaluation request" last January. I don't know if that helped, but I received notice today that my weeks are valued at $8000 for next year. That will save a third off the taxes.

I bought these weeks before construction for about $19k each. This winter, they were going for $4000-9000 on ebay and Redweek, so I consider the assessment fair enough.

You can appeal your California assessment between now and September 15; see the county assessor's page for information. You'll need some verifiable data about the value of your timeshare in the first quarter of 2010. The hearing probably won't be until next year, and you'll have to pay the tax in the meantime.
 
isisdave said:
As you may recall, I had appealed the 2010 valuation of $11899 for a gold NCV week. I didn't go to the appeal session, as it was at 9am in Santa Ana, which meant I would have had to drive rush hour and pay for parking, and that frankly wasn't worth the savings I might have made.

I did file the "informal revaluation request" last January. I don't know if that helped, but I received notice today that my weeks are valued at $8000 for next year. That will save a third off the taxes.

I bought these weeks before construction for about $19k each. This winter, they were going for $4000-9000 on ebay and Redweek, so I consider the assessment fair enough.

You can appeal your California assessment between now and September 15; see the county assessor's page for information. You'll need some verifiable data about the value of your timeshare in the first quarter of 2010. The hearing probably won't be until next year, and you'll have to pay the tax in the meantime.
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How does the informal revaluation request work? Can you file it anytime?

I bought my NCV in February and received the same assesses value as the previous owner who bought from Marriott so it could be that they will adjust it next year based on my purchase price, but I don't want to hold my breath for that...
 
isisdave said:
As you may recall, I had appealed the 2010 valuation of $11899 for a gold NCV week. I didn't go to the appeal session, as it was at 9am in Santa Ana, which meant I would have had to drive rush hour and pay for parking, and that frankly wasn't worth the savings I might have made.

I did file the "informal revaluation request" last January. I don't know if that helped, but I received notice today that my weeks are valued at $8000 for next year. That will save a third off the taxes.

I bought these weeks before construction for about $19k each. This winter, they were going for $4000-9000 on ebay and Redweek, so I consider the assessment fair enough.

You can appeal your California assessment between now and September 15; see the county assessor's page for information. You'll need some verifiable data about the value of your timeshare in the first quarter of 2010. The hearing probably won't be until next year, and you'll have to pay the tax in the meantime.
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How is the tax amount calculated? For example, is it something like 1% of the assessed value?

This info is good. Thank you.
 
Here is what I learned from the Riverside Tax Assessor a few years ago when I complained and went to appeal it.

Califoria property tax is based on the FMV at the time of the purchase, not what you paid. If you read the regulations closely it does say something like that. However in most cases what you pay is used as the FMV, especially for residences. But timeshares are different. Because each unit is the same they try to use averages for the valuation and not an individual prices paid. For resale prices you can look at Tug, EBay, etc...however you can't forgot about those people who pay full boat through Marriott. Throw in a bunch of those at $30,000 a pop and see where the FMV goes. Their purchase price is factored into the equation. I finally decided not to pursue it any further after I heard that because its a very time consuming process, especially if you work full time.

Teri,
Something doesn't seem right on your tax bill. Your rate seems way to high for the assessed valuation. Maybe look at it again closely. I bet your unit is assessed closer to $14K and not what you paid for it.

ISISDave
Good luck on your appeal. Keep in mind what I said above because that's what the assessor is going to use in his valuations. All those units they sell at $30,000 each are part of the equation in determining your valuation. Our new points program will also be a basis for the valuation going forward. Also read the regulations on how the valuation is computed. Become as knowledgeable on this topic as you can. It will help you with your appeal. I hope you get your valuation changed. It will be good for all of us.
 
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I wonder how future assessments will be affected now that Marriott is no longer selling weeks. The assessor will only see resales from this point on.

Koko
 
Yesterday I received a notice from El Dorado County that the assessed value of our Timber Lodge platinum ski week had been reduced from $31,500 to $18,000. We had not requested any review. It still may be too high, but it beats a stick in the eye.
 
Tax Re-Assessment of the Newport Coast Property [merged here]

I got a letter today telling me that they have adjusted the market value of NCV. They lowered the value to $19,000 from $20,950.

I would love to receive $19,000 for that property. I have a platinum week up for sale and have been offered way less than my asking price, and way, way, less than the so called Market Value of the Office of the Assessor in Orange County.

I am thinking of sending in the form asking for a reassessment. Maybe we should all do that???
 
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in another thread....

Looks like this is currently being discussed at this thread.

[Merged - DeniseM Moderator]
 
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The purchase price (if developer) should be adjusted by the % of the total that is allocated to the common furnishings. It was 3.6% of my purchase price at Shadow Ridge.

It also will be adjusted by the average of transaction prices, or so I was told by Riverside tax assessor.

Note that they may and do assess a special fee to cover the cost of taxing individual timeshare interest owners, rather then the HOA. That charge is listed at "Timeshare separate assessment fee" and is added to the total due.
 
Just got a 42% property tax valuation reduction notice for my Shadow Ridge contract!
 
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icydog said:
I got a letter today telling me that they have adjusted the market value of NCV. They lowered the value to $19,000 from $20,950.

I am thinking of sending in the form asking for a reassessment. Maybe we should all do that???
Click to expand...

For this tax year (the bill you will have to pay in November and April) you will have to file an appeal soon, but you will have to pay the tax and hope for a refund next year after the hearing. For next tax year, you can request a review from January 1 to, I think, the end of April.

I should think you would prevail on appeal. My gold weeks were assessed at $8000, and platinum are not worth $19000 ... I'd think $12k or less. PM me if you want a copy of my notice.
 
Confused - please help!

We recently purchased a gold resale NCV week (we don't live in California). Are we going to have to pay a property tax bill above and beyond our annual maintenance fees? We own other Marriott weeks and only pay the annual MF's. Thanks for any clarification!
 
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