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Property Tax Little Black Book, LLC is not a law firm. Valerie Faltas and/or the employees of Property Tax Little Black Book, LLC are not acting as attorneys. The information contained in Property Tax Little Black Book and the Inherited Property and Exemptions Guide or Property Tax Little Black Book is not a substitute for the advice of an attorney. Neither Valerie Faltas nor Property Tax Little Black Book can provide legal advice.
Valerie Faltas and Property Tax Little Black Book, LLC only provide a very general understanding of the law as it relates to property taxes. Although Valerie Faltas and Property Tax Little Black Book, LLC take every reasonable effort to ensure that the information on our book and our website are up-to-date and legally sufficient, the legal information on the book and on the website is not legal advice and is not guaranteed to be correct, complete or up-to-date. Because the law changes rapidly, is different from jurisdiction to jurisdiction, and is also subject to varying interpretations by different courts and certain government and administrative bodies, neither Valerie Faltas nor Property Tax Little Black Book, LLC can guarantee that all the information on the book or website is completely current.
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What Lead Me To Create The Little Black Book
What Led Me To Create The Little Black Book...
Before we get started I want to share with you a little bit more about my story and what led me to create this guide.
I applied with the Los Angeles County Assessor early 2003, I was one of 900 applicants for 25 positions as a Real Estate Appraiser Trainee. I was one of the 25 chosen for the class they hired that year. As a “trainee” I went through an 18 month probation period and a 12 month training with them including classroom training, exams, field training in all aspects of real estate appraisal, property tax law and the processes within the Assessor’s Office. If had I failed any one of my series of exams I would have been kicked out of the program. At the end of the 12 months I took an exam with the State Board of Equalization and became a Certified Property Tax Appraiser. I was promoted from Trainee to Appraiser. Later, on my own I also became a licensed Residential Appraiser which meant I could do private appraisals also, ones homeowners use for purchase and refinance. I bought my first home at the age of 23, my second at the age of 24, my third at the age of 25, so as I was working for the Assessor and learning appraisal I was also buying and selling homes so I saw all facets of the process.
The position I had is considered to have some sort of prestige because of the nature of the job. Determining assessments, people paid property taxes based on the amounts I determined every day. I have affected over 6,000 properties in Los Angeles County while I worked for the Assessor. The prestige comes from the nature of the job and the knowledge acquired. There is definitely a false sense of power that goes along with the position because if tax payers really understood the law and how it all works suddenly the prestige would be gone because the bottom line is the numbers.
The nature of my job changed along with the real estate market: different types of work during different types of markets. I had an excellent reputation within the Assessor’s Office, was known for being quick, efficient and thorough. I was also hand-picked by higher level management to work on different projects and assist with different departments within the Office. When I left the Assessor to go to law school (which I dropped out of), months after I left, tax payers would ask for me because I was known for helping them more so than most others who worked there. Even the clerks in the office would often come to me with issues because they knew I would help them. I had a bright future with the Assessor and would have risen through the ranks quickly.
NATIONALLY: In almost every state in this country: property taxes are based on market value. Market value is the key. The biggest problem is that every Assessor in every county in every state is a MASS appraisal organization. They have hundreds of thousands of assessments to complete year after year and usually are understaffed. They exist to serve, to do their jobs to follow the law and to be as fair as possible. So often values aren't where they should be because of the simple fact that they don't have the time or the man power to be more thorough.
CALIFORNIA: California Property Tax law is unique and much different than most of the rest of the country. When the market started to really tank people start calling the office and coming in looking for help, looking for breaks. I was helping homeowners get the temporary tax break and I knew a better way. I know a way for homeowners in California to get a PERMANENT break in their property taxes. Completely legal, just sort of out of the box that wasn’t kosher for me to share. Day after day, tax payer after tax payer...I knew a better way. Often they wouldn't even qualify for the temporary break because of the way it is set up. Honestly, I felt compelled. I felt compelled to make the information known so that I could help homeowners in a substantial way. So, I left, created my program and am making it known.
If a homeowner can get their loan modified to permanently lower how much they owe on their home why shouldn't the same be applicable to their property taxes?
The law is ALWAYS on the taxpayer’s side...they just don’t know it!
When I was processing single family home transfers at 3 or 4 an HOUR...of course some are going to be higher than they should be because I didn't have the time to make sure they were right and often they were lower than they should be. Only if the tax payer complained was the value investigated. Every homeowner needs to understand some basic appraisal to make sure they are aren't overpaying especially in this market. Education is the key. Anyone who owns a home can understand and handle this process and will feel in control of what they are being taxed.
Truthfully the Assessor is afraid of the people because the people, the tax payers, the homeowners are the ones who keep them in office. No one in assessments wants to deal with a disgruntled tax payer!
This is the bottom line: its not us against them or them against us. Its just understanding and dispelling fear in times like today. This is the GREAT news about this low real estate market! Its a time for homeowners to save and educate themselves so that they can be proud of their home ownership and know that they can save. Low real estate market means: modified loans, lower property taxes! Yes, the real estate market is down and this is how it can help you! This is one of the many reasons the retraction of the economy is good!
My vision, my goal is to empower the homeowner! No more fear. Fear comes from ignorance and my goal is to educate and ultimately dispel fear.
“In a time of turbulence and change, it is more true than ever that knowledge is power.” - JFK
Feel free to contact me! I look forward to hearing from you.
Sincerely,
Valerie Faltas
Property Tax Expert
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