|Recovery will impact assessments for 2013-14
Because of a recovering local real estate market, Sonoma County residential property owners could see a restoration of prior property tax values.
Since 2007, the Sonoma County Assessor’s office has been reviewing thousands of declines in response to property owner requests as well as proactively reviewing assessed values countywide.
More than 55,000 property values, approximately half of the residential properties in the county, were temporarily reduced under these provisions of the law.
Clerk-Recorder-Assessor Bill Rousseau said, “It is a good news-bad news story for the county. For the 2013 assessment year, the assessment roll will reflect a slight increase due to residential real estate market recovery in some areas of the county. Although this is an indicator of a strengthening and healing local market, this is a mixed blessing for property owners who have had their property taxes held down by a sagging economy.
“We want to ensure advance notice and stand ready to work with property owners to explain the process.”
Under Revenue and Taxation Code Section 51 (Proposition 8), the assessor enrolls the lower of the factored base year value (Proposition 13) or the current market value.
At this time the 2013-14 assessment roll is not completed or ready for publication, so the Clerk-Recorder-Assessor’s Office is requesting homeowners wait until the 2013 value notices and the assessment roll are posted online in August to review their assessed value. Contact information will be on the notices, but property owners may visit the assessor’s website for more information.
There is no charge to request an informal value review from the assessor. The deadline for that type of review is June 30, 2013.
Forms can be accessed online at www.sonoma-county.org/assessor.
Taxpayers are encouraged to call the assessor’s office at (707) 565-1888 for further information regarding their property assessment.