Friday, February 3, 2012
Reflecting that much of the residential real estate market has experienced a decline in value, the Assessor’s Office has reviewed the market values of residential properties in Sacramento County and will be reducing the assessed values of over 85,000 properties on the 2008-09 property tax roll.
These reduced assessments are known as Proposition 8 assessments, for the initiative passed in 1978 that authorized these reductions.
In late May, the Assessor’s Office sent notices to the owners of these properties, notifying them of their new values.
Generally speaking, properties purchased in 2004 and later are affected. Most decreases in assessed value range between 10% and 30%. These decreases will be reflected on tax bills issued in October of 2008.
You can view the property list of the affected properties on the address links below.
Numerical and A through K OR L through Z
If your property is not on the list, and you believe the current market value is less than the factored Proposition 13 value shown on the Assessor’s Parcel Viewer, please complete the Request for Review form and submit it to the Assessor’s Office.
Once reduced, the assessed values of these properties are reviewed and adjusted annually until such time as the market value is higher than their factored Proposition 13 value.
This is the second major cycle of assessed value reductions since Proposition 13 passed in 1978. The previous one started in 1992.
A review of all other property types has indicated no such general decline in values. As a result, no reduction is planned for those properties.
The vast majority of properties in the county, some 400,000 parcels, will continue to be assessed under Proposition 13 provisions. They will not be receiving notices and will increase in value no more than the 2% maximum inflation factor specified in Proposition 13.
The decrease in assessed value for the 85,000 properties should approximate $6 billion and will result in a revenue decrease equal to 1% of that amount, or $6 million. As a result of these decreases overall roll growth in most county jurisdictions will be less than 2%.
Taxpayers may visit the Assessor’s web site for more Prop 8 information on the Decline in Value process or call the Assessor’s Proposition 8 Customer Service Line at (916) 875-0455.
