Encinitas Property Taxes

Most Encinitas home owners are aware that Encinitas property values have been declining. In many parts of San Diego County, the decline has been relatively dramatic. That decline may mean a reduction in Encinitas property taxes, however. Proposition 8, a constitutional amendment passed in California in 1978, allows a temporary reduction in assessed value (which is what your Encinitas property taxes are based on) when a property suffers a “decline-in-value.” That decline in Encinitas home value occurs when the Encinitas real estate market value of the Encinitas property is less than the assessed value as of January 1st. Does a decline in a property’s market value require a reduction in Encinitas property taxes? The answer is that it depends on the Market Value and the Taxable Value.

• 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 Encinitas property taxes can only be granted if the Encinitas 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 Encinitas real estate area to see what today’s value may be, simply contact Gary Harmon, your Encinitas Realtor. I’d be happy to help you!erty taxes are based on) when a property suffers a “decline-in-value.” That decline in Encinitas home value occurs when the Encinitas real estate market value of the Encinitas property is less than the assessed value as of January 1st. Does a decline in a property’s market value require a reduction in Encinitas property taxes? The answer is that it depends on the Market Value and the Taxable Value.