Kamis, 15 April 2010

What Does The Future Hold For Property Tax Assessments?

Community Member Question:
Recently I received an adjustment on my property taxes of an adjustment reduction from the previous owner's tax obligation. Reading your blog comments, I'm aware that mine will have a 1.1% increase in the future on a yearly basis on my new purchase.

What can a resident that has bought their home at the high taxation level based on their purchase price and now has a re-adjustment (due to the market) expect to pay in the future as the market improves and with the state taking much of the tax revenues that what would help the city regain the much needed money?

City Manager Response:
It is the job of the County Assessor to evaluate the valuation of properties and to assess those properties for property tax purposes. In down markets, the assessor can decrease the assessed value of a property. Last year, across the entire County of San Bernardino, assessed values decreased by a net of 5%. Obviously, those homes that were newly purchased received a larger reassessment and older homes may have not have been adjusted at all. I have been told that next year, the County is expecting an additional net decrease of 6%.

In up markets, assessed valuations can only be increased by 2% per year, regardless of how high property values have increased. There is also a catch up provision that allows for properties that received a lowered assessment in prior years to have their assessed value increased by more than the basic 2% if it is determined to be appropriate by the Assessor.

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