Mike’s Real Estate Show

Proposiion 8, Decline In Market Value

Property tax assessment review process

County property tax assessments may be reduced by meeting the following criteria:

• The market value must be less than the existing “Base Year” Proposition 13 value, plus any subsequent consumer price index adjustments.

• The change must reflect the market value as of the past January 1st, however comparable sales through March 31st may be considered. A property owner can submit appropriate comps if they choose.

• Value changes are temporary and do not include any pending supplemental assessments.

• Residential property analysis will usually be determined by comparable sales.  For non-residential properties requests, The County may consider comparables, income or replacement cost methods to determine current market value.

• Future values will be reviewed annually by the Assessor’s office to consider any appropriate (upward or downward) adjustments to the property’s market values. Any change higher would not be limited to the consumer price index maximum annual adjustment of 2%, however it can never increase above the “Base Year” assessment amount plus cost of living adjustments allowed by Proposition 13.  

• A property owner can also request future reviews of declining values in subsequent years under Proposition 8 if they choose.

• The latest date to file for a property tax assessment reduction for the tax year that starts July 1st is December 31st.  The County Appraiser makes the determination as to the property’s market value; however there is an appeal process through the Board of Supervisors that can be initiated if the property owner wants to challenge the Assessor’s opinion of value.
 
If a homeowner has had any recent improvements such as a pool, home addition, etc. or when a property is sold the County will still review the new value as to what the next assessment would be (possible supplemental tax could be issued).

For complete information go to www.sonoma-county.org/assessor or call (707) 565-1888.  The Assessor’s office is located at 585 Fiscal Drive, Santa Rosa, 95403.