Think your Sacramento County Property Tax Assessment is too high? File a review application with the Sacramento County Assessor's Office...

It's property tax appeal season, and it seems that every day I get at least one call or email from folks looking for assistance to file the necessary paperwork with Sacramento County to have their property tax assessment reviewed -- and ideally lowered under the "Decline in Market Value" provisions of California Proposition 8. That's right! You can request that the Sacramento County Tax Assessor lower the property tax assessment for your home -- which ultimately lowers the amount that you pay in property tax.

The period to file a review request with the Sacramento County Tax Assessor's office started July 2nd, 2011 and goes until November 30, 2011. To find out what your property tax assessment is for tax year 2011-2012, click here.

Residential property owners (single family home, and properties up to 4-units) can file review requests themselves by filling out an application ("Decline-in-Market Value Residential/Agricultural Request for Assessor Review 2011-2012 Assessment Year") and mailing it into the Sacramento County Assessor, Attn: Prop 8 Review, 3701 Power Inn Road, Suite 3000, Sacramento, CA 95826-4329. It can also be faxed to (916) 854-9295.

In your application, you will have to provide sales information for at least 2 properties of similar type and location that sold as close to January 1, 2011 as possible, but no later than March 31, 2011. If you would like this data, feel free to email me at erin@erinattardi.com a request and I will send you comparable sales for your application.

The Sacramento County Assessor will not accept request for review applications for commercial and apartment properties during the 2011-12 filing period. For commercial and 5+ unit apartment properties; if you disagree with your assessed value, you must file an “Application for Changed Assessment” with the Assessment Appeals Board.

Sacramento County Assessor Review Application
Placer County Assessor Review Application
Yolo County Assessor Review Application
El Dorado County Assessor Review Application

Sacramento Oktoberfest Events - 2011

Sacramento Active 20-30 Oktoberfest
Saturday, October 1st at 5pm
Fairtale Town, 3901 Land Park Drive, Sacramento, CA 95818
$30 -- DJ music, german food, beer, and more!
http://oktoberfestsac2030.eventbrite.com/

Davis Sunrise Rotary Oktoberfest
Saturday, October 1st at 6:30pm
Central Park Pavilion in Davis, CA
$20 at the door -- polka music, german food, Sudwerk beer, root beer, and more!
http://www.clubrunner.ca/Portal/Home.aspx?cid=3544

Sacramento Turn Verein's 44th Annual Oktoberfest
Friday, October 7th at 6pm & Saturday, October 8th at 3pm
3349 J Street, Sacramento, CA
$15 at the door -- live music, german food, beer, wine, dancing and more!
http://www.sacramentoturnverein.com/

How long after a short sale, foreclosure, or bankruptcy do you have to wait before getting approved for a new Conventional mortgage loan??

I am frequently asked how long someone must wait to be able to buy a house and qualify for a mortgage loan after a short sale, foreclosure, deed in lieu of foreclosure, or bankruptcy? Over the next couple weeks I will post the current underwriting guidelines for different types of mortgage loans. Of course underwriting guidelines change from time to time, but these standards are current as of now. A couple weeks ago, I posted about the FHA loan waiting period requirements. Today, I am posting Conventional loan waiting period requirements.

Conventional loans are commonly used in Sacramento. They generally require a minimum of 5-10% downpayment for loans in Sacramento, Placer, El Dorado, and Yolo Counties. Of course there are some special loan programs as well that may require a smaller downpayment. It is not just a loan for first time buyers, but also investors, and move-up buyers...

After Foreclosure, or Deed in Lieu of Foreclosure:
-7 years from date the foreclosure was completed and transferred back to the bank.
-3 years from the date foreclosure was completed and transferred back to the bank may be acceptable if the foreclosure was the result of "extenuating circumstances." You must have at least 10% down and it must be a primary residence under these conditions. Examples of extenuating circumstances for obtaining a new Conventional loan are defined as "non-recurring events that are beyond the borrower's control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.

After Short Sale:
-7 years from the date the short sale closed and transferred to the new owner if you have less than 10% downpayment.
-4 years from the date the short sale closed and transferred to the new owner with 10% downpayment.
-2 years from the date the short sale closed and transferred to the new owner with 20% downpayment.
-2 years from the date the short sale closed and transferred to the new owner with 10% downpayment with acceptable extenuating circumstances.

After Chapter 7 Bankruptcy:
-4 years from the date of discharge with re-established credit paid as agreed.
-2 years from the date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances.

After Chapter 13 Bankruptcy:
-2 years from the date of discharge with re-established credit paid as agreed.
-4 years from the date of dismissal date.

Of course, you must speak to a loan officer in order to qualify for a new conventional mortgage...I am happy to point you in the right direction to a great loan officer if you want to explore if you qualify after experiencing a short sale, foreclosure, deed in lieu, or bankruptcy.