Homeowners See Savings in Property Tax

Every cloud has a silver lining. Not least the current drop in housing values here in Sonoma County. For more than 19,000 homeowners throughout the county will be seeing a significant drop in their annual property tax bill this year.

Reflecting the declining home values of those who predominantly bought their home at the peak in the past few years, county appraisers have been busy reviewing values and making the relevant assessments on homes bought between January 2004 and September 2007.

According to regional news and real estate reports, Petaluma, Rohnert Park, Windsor and Southeast Santa Rosa have been worst hit with declining values during that time period.

Additional homeowners may receive property tax reductions next year, if the current conditions prevail, creating "a significant impact on county budgeting," says Timo Rivetti, of RE/MAX Marina Realty, Petaluma. "This is another indicator that home prices in the Petaluma area represent a great deal for new buyers and for those who wish to upgrade, with annual property tax levels not as imposing as they have been in the past."