How to reduce your property taxes

Even in tough times, there's a way to make things good. You might be able to easily cut your property taxes and it takes very little time or effort. Keep on reading if you're a homeowner and you believe your property value has gone down in the past couple of years.

Step 1: Stop throwing away your money! If you're a California resident who purchased in the prime of the real estate market you could save on your property taxes. In the state of California, more specifically in Los Angeles County, Proposition 8 was passed to help reassess your property taxes. This is the case for many other counties and states. This will surely save you money on your taxes.

Step 2: RP-87. Form RP-87 is the form you'll use to potentially help lower your property taxes if you live in the county of Los Angeles. Go to http://assessor.lacounty.gov/extranet/list/forms.aspx?catid=70 click on the RP-87 form and print the form.

Step 3: Support your claim. Before you complete the RP-87 form you should support your claim. In other words, find out what your property value is currently. Zillow.com is a good source, but kind of difficult to figure out. Go to this site: http://lfcu.cuhomesavings.com/02/index.mv?mvc=valueaprop.mv&pagetype=sec . It's much less complex and the results make sense. Be sure you print out your findings and send with the completed RP-87 form (see step 4).

Step 4: Complete the process. Okay, you've printed your form, and supported your claim. Now you need to fill out the RP-87. Mail the form and your proof of property value estimate to: Los Angeles County Assessor, 500 West Temple Street, Room 286, Los Angeles, CA 90012-2770. If you live in another county or state, try Googleing "property tax reassessment." Be sure to list your county or state in the search. Do a bit of digging and you'll probably find some sort of form you can print, complete and mail to your local assessor.http://lfcu.cuhomesavings.com/02/index.mv?mvc=valueaprop.mv&pagetype=sec.