Residential property owners can seek value reviews 

Assessor-Recorder Phil Ting announced Thursday that time is running out for residential property owners to undergo informal reviews of their assessed property values. The deadline is March 31.

State law Proposition 8 allows property owners to receive a temporary reduction if the current market value of their property is determined to be lower than the assessed value.

In 2009-10, more than 11,700 homeowners received temporary reductions in the assessed value of their homes, according to the Assessor-Recorder’s Office. Property owners who received a reduction last year will automatically have their assessed value reviewed for the 2010-11 tax year.

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