"For Sale" and "Foreclosure", in most cases these signs in your neighbors' yards mean the value of your home will be going down. But, there could be a silver lining to dipping home prices if you are able to get your property taxes reduced.
The San Diego County Assessors Office allows property owners to apply for lower property taxes if they think their home's value has dipped below what they paid for it.
The only catch to the application this go round is the deadline - it's Monday, December 1st.
The form must be delivered to the County Administration building at 1600 Pacific Highway, Room 402 by 5pm Monday or postmarked by that same time. The form includes a place where property owners can put what they think their home is worth.
Homeowners shouldn't worry about researching the comparables too much at this point because the county will do it anyway says NBC 7/39 Real Estate expert Robert Griswold. "And the good thing about this too, is once you're in the 'hopper' so to speak, they'll automatically do that for successive years" said Griswold. This means even if the county disagrees with your assessment this time around, you could be eligible next year.