Orange County Property Assessment Reviews…

The Orange County Assessor’s Office is currently reviewing over 300,000 residential properties, on their own, for a reduction in property taxes. A web page has been provided below for you to access and determine whether or not your property is already in the queue.

The website states that if your property is included in the list of properties to be reviewed, you do not need to make a request for review, and no action is required.

Additionally, they just posted a new website to help homeowner’s answer a myriad of common questions regarding qualifying, determining factors, their process, and access to the proper form for inquiry. Homeowners will have until Sept. 15 to appeal their value if they disagree with the county’s assessment.

For the official website, click here.
To see if your residential property is currently in line for review, click here.
For good answers to relavent questions, click here.
To submit an inquiry, and access Form A002-259 (Request for Informal Assessment Review), click here.

Commercial property is also being reviewed, however, commercial property information is not available on the website. Each property owner will get a notice of their tax assessed value by July.

For assistance, call… (714) 834-2727

Mailing address for Form A002-259…

Orange County Assessor
Attention: Real Property
P.O. Box 22000, Santa Ana, CA
92702-2000Hope this helps!

 

 

 

 

 

Buy New Construction in California, Receive $10,000 State Tax Credit…

 Governor Schwarzenegger

New Tax Credit for New Construction Purchases between March 1, 2009, and March 1, 2010

For full description of program, click here…
For a copy of  Form 3528-A, click here…

Per the California Franchise Tax Board…

California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. Applications will be reviewed and credit allocations will be made on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available.

For updates on the allocated and remaining credits available, click here…

Starting March 1, 2009, we will accept applications for allocation of credit by fax only… (916) 845.9754…  however, we will not send notifications of credit allocation until we have developed procedures. Once we begin processing allocation applications, credits will be allocated on a first-come, first-served basis. We will update this page as soon as we begin mailing credit allocation letters. We plan to begin mailing credit allocation letters no later than May 1, 2009. This delay is necessary to allow us time to develop a system to capture and verify the application information, allocate the credits, and send the credit allocation letters. Please be patient with us and do not send applications more than one time. (Updated 03/06/09)

Long and short…
This tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

Qualified Buyers…
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.

Qualified Principal Residence/New Home…
A qualified principal residence means a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowner’s exemption.

Quotes from BusinessWeek…
For full Business Week article, click here…

Says Layne Marceau, President Of Shea Homes’ Northern California Division…

This is something that our industry has been desiring to have for quite some time…” “… homebuilding is an economic engine. The whole intent here is to stimulate sales activity, the ability to start housing projects again, get the state economic engine moving again. We believe the housing industry is the catalyst to do that.”

Senior VP for Government Affairs for The California Building Industry Association, Tim Coyle states…

“Already, With The News Of This Tax Credit Being Authorized, We’re Beginning To See Interest.” “What we’ve been missing in the market place for the last couple of years are people … Already, with the news of this tax credit being authorized, we’re beginning to see interest among those people who we desperately need to have confidence to return back to housing markets where they haven’t been for so long. We think this tax credit will do that.”

“Back in 1975, the U.S. Congress enacted a tax credit identical to this one and it worked. It stimulated sales, doubled sales within a year.”

South Orange County Deals are Everywhere…

REO’s Driving the Market…

Kelli Hart at the South Coast Homes blog just posted a new article pertaining to drops in south county home pricing driven by REO listings. This short article includes the chart below. Click here for the full story…

Feeding Frenzy in San Juan…

If you thought the days of multiple purchase offers on MLS listed properties were over, check out this article on San Juan Capistrano REO properties.

Percentage of Distressed Home Sales in 10 South County Cities 

City	Listed	distressed	%
Aliso Viejo	241	137	56.8
Dana Point	284	56	19.7
Irvine	679	217	32
Ladera Ranch	188	96	51.1
Laguna Beach	345	24	7
Laguna Hills	155	78	50.3
Laguna Niguel	367	142	38.7
Laguna Woods	391	15	3.8
Mission Viejo	339	171	50.4
San Clemente	456	126	27.6
San Juan	232	97	41.8

37 Vista Montemar, Laguna Niguel, CA

This property is currently the lowest priced custom residence in the prestigious community of Palimilla. Spectacular cobblestone driveway that leads to a custom iron glass entry door. A must see mountain, canyon and sunset view. This serene setting is so relaxing it makes you feel like you are in your own world. *SELLER IS WILLING TO CARRY BACK PAPER WITH 25-30% DOWN. A worthy mention in this market…

Offered at… $1,875,000

MLS # S545843

3 South Peak, Laguna Niguel

 

This custom home is the pinnacle of luxury, from the classic Tuscan exterior to the huge private rear grounds with pool and spa. Owner spent over one million in well thought out renovations and upgrades, including a gourmet kitchen and a state of the art home theatre. Highlights include multiple types of custom stone work everywhere you look, four fireplaces with custom marble or stone pre-cast surrounds, and a hand carved marble fireplace and surround in the living room. The arched upstairs hallway includes four Romeo and Juliet balconies with hand-made wrought iron fauxed-aged painted railings and four barrel vaulted ceilings, absolutely stunning! Custom lighting throughout including over 30 Art lights and soffit rope lighting in several rooms. Custom eleven ft., wrought iron, double entry doors with eight foot etched glass panels which are open-able. Additionally, you will be hard pressed to find more private grounds in a rear yard!

Offered at… $3,995,000

MLS # S560402

8 Old Ranch Road, Laguna Niguel

Spectacular custom estate on nearly one acre in prestigious gate-guarded Bear Brand Ranch. Unbelievable panoramic ocean, coastline and valley views. Complete remodel from the ground up. Gorgeous comtemporary feel inside. Huge beautiful designer kitchen. Extravagant use of solid mahogany accents with white walls. This home boasts a very sophisticated and modern ‘New York’ feel. Incredible totally private grounds include huge lawn, large pool, spa & outdoor kitchen. Long private driveway behind gates.Offered at $6,395,000MLS # S548305

10 Little Pond, Laguna Niguel

French European estate! Spectacular ocean views! Elegant entry w/ office/library off living room. Spacious formal dining room. Gourmet kitchen w/breakfast nook. Large family room w/built-in TV, wine storage, bar, sink & fridge. Huge master suite w/fireplace, his & her closets & steam shower. Large secondary bedroom suites. 3rd floor bonus room w/wet bar. Unique pool, spa & waterfall. Built-in BBQ w/sink & fridge. Meticulous hardscape & landscape. 

Offered at $3,495,000

MLS # S558110

31921 Monarch Crest Laguna Niguel

This gorgeous mansion combines ultimate luxury, sophisticated amenities and the grandest of locations. Remarkable panoramic ocean views from San Clemente to Palos Verdes. Dramatic grand foyer features high ceilings, crystal chandelier & French Beaumaniere limestone flooring. Open floorplan is ideally suited to entertain on grand scale with huge great room, living room, designer kitchen with top-of-the-line appliances, formal dining room and state-of-the-art director’s theatre. Opulent master bedroom boasts stone pre-cast custom fireplace, surround sound w/high def 55″ TV in carved wood cabinet & fabulous ocean views. Hidden retreat/office off master bedroom. Automated with Vantage home system. Lighting & many security features can be controlled from virtually anywhere in the home. European-style manicured grounds, swimming pool, spa, elevator to four levels, rooftop deck, large collector’s garage. This home is perfectly suited for the most discriminating buyer!

Offered at $9,750,000

MLS # S529277

31511 Sea Shadows Laguna Niguel

Romantic Tuscan Masterpiece

Tons of amenities incl. cathedral ceilings, skylights, rounded archways, Brazilian walnut wood and chiseled travertine floors, wrought iron staircase and Venetian plaster walls. Luxurious master has huge ocean-view deck. Gourmet kitchen has maple cabinets, granite island bar and top-of-the-line appliances. Entertain outdoors with private loggia, saltwater pool and enormous wood deck. Beautifully landscaped.

Offered at: $5,500/month for Lease

32 Vista Montemar Laguna Niguel

Reduced by $335,500!!!!!

Gorgeous Palmilla custom! Unbelievable panoramic city lights view. Lushly landscaped private front courtyard. Custom French doors open to soaring entry foyer. Dining room opens to private courtyard. State-of-the-art office with separate entrance. 750 sf greatroom kitchen combo boasts terrific views, travertine floor, wood-burning fp, granite counters and custom maple cabinets. Oversized 3-car garage.

Offered at: $2,649,500
MLS ID: S536607

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