FIle Your Property Tax Reassessment

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Information about FIle Your Property Tax Reassessment
Real Estate

Published on December 11, 2008

Author: taps65



go to
and click on form rp-87, print fillup and submit ASAP

Save Your Home Antelope Valley Decline in Value Lancaster : 38% Palmdale : 42% (As published in the Los Angles Times, June 17, 2008)

Long-term Goal ● Reduce Principal Amount through Loan Modification Steps 1- Apply for your Decline in Value Reassessment with the Los Angles County Assessor's Office using form number RP-87

2- Multiply your loan payoff amount with the present decline in market value of your property zip code (e.g. 40% - 60%) example: $300,000 - your loan amount x .40 - decline in value _______________ $120,000 – subtract this to your loan amount = $180,000 – your opinion of present value

3- When the County Assessor sends back your new Property Tax Assessment Value, Use this report to negotiate your loan modification with your bank. * Remember you are trying to lower your principal amount not your rate or term. At this point, we all owe more than our house is worth and it does not make sense to make payments on a mortgage especially with an increase of fuel, food, utilities and general cost of living. Finally, we also have to contend with possible employment loss, frozen retirement benefits and overall economic hardships.

Strengths and Advantages Suitable and sustainable mortgage Long term financial security Loss prevention

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