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I just got assessment notices and they're increased my assessed values by 1.998%, which is "below the maximum allowed" under Prop 13. The properties are in Ventura County.
I read elsewhere that increases are to be based on actual inflation or 2%, whichever is lower (though this was from a real estate blog and could be wrong). The assessor's office website is vague, saying that assessed values can be increased for inflation up to 2%. Actual inflation is much lower, something like 0.8%, and I think the increase should be limited to that. In prior years, they seem to have used actual inflation, since increases have been significantly below 2%.
I'm wondering if I should appeal. I know it's a small difference, but it adds up and compounds. Has anyone dealt with this? Thanks!
It seems that they just applied a blanket rate to all properties in the county. While values may have increased more than 2% county-wide, in certain areas, comps show that values increased less or even fell (one of mine is in such an area).
Also, for commercial properties where there are no recent comps, they may base the assessed value on replacement costs, in which case inflation would be considered.
I'll probably file an appeal. Some people do this every year and from what I hear it's worth the effort.
Once properly filed, the Assessor has 2 years to act... if the property owner disagrees with the Assessor, the owner can then request to go before the board.
I've always won my appeals... even when it took years.
That said... it's hard to imagine a place in California that did not experience 2% price gains...
Here's an example of CA property taxes that is an eye raiser. My cousin bought a home in Saratoga CA in 1982. Modest one story 3 bedroom. Purchase price 124,000. Prop 13 2 % annual property tax cap based on purchase price. Current market value 1.5 million. Annual taxes 4,400.
At a 2% increase, your cousin's house would be only assessed at about $240k today. At a rate of, say, 1.3%, the annual tax would be around $3k. If your cousin made any major capital improvements, like adding a room, this would increase the assessed value by the estimated increase in market value from the improvements.
Here's an example of CA property taxes that is an eye raiser. My cousin bought a home in Saratoga CA in 1982. Modest one story 3 bedroom. Purchase price 124,000. Prop 13 2 % annual property tax cap based on purchase price. Current market value 1.5 million. Annual taxes 4,400.
The saying is I'd rather be lucky then smart... sometimes the stars align... buy in a good area that keeps becoming more desirable...
At that same time... I looked at a nice home in Monte Sereno... even in 1983 it was 480k
Would you be representing yourself at the hearing? If not, you will have to have someone do it.
Note: Not been through it myself, but Ventura County looks at everything.
Would you be representing yourself at the hearing? If not, you will have to have someone do it.
Note: Not been through it myself, but Ventura County looks at everything.
Yes, I would represent myself. I already have all of the comp data to support my case. I read elsewhere that someone simply sent in comp data along with the app and was able to get the assessment value reduced (but this wasn't in VC). Ideally, that would be the case with mine. I've dealt with the VC assessor's office and was able to get some errors corrected with a phone call and an e-mail. If it ends up taking a lot of time, it probably wouldn't be worth it, since the reduction I'm seeking is relatively small.
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