Sacramento, CA. - July 1, 2014 - Sacramento County Assessor Kathleen Kelleher announced the 2014-15 assessment roll totals as of July 1. The assessed value of the combined secured and unsecured property tax roll totals, net of unreimbursed exemptions, is just over $128.7 billion. This is a 6.4%, or nearly $7.8 billion increase over the previous year.
A decrease in the property tax rolls after July 1 is expected, however, as outstanding assessment reviews and appeals result in lower values. This will reduce the amount of property tax revenue actually realized by local schools, special districts and the county general fund.
Each year the Assessor’s Office reviews the values of properties. Proposition 13 (Prop 13), passed in 1978, caps the inflation of a property’s assessed value at no more than 2% a year. The annual inflation factor is based on the CPI index and is published by the State Board of Equalization. The inflation factor for 2014-2015 is 1.00454% which is well below the 2% maximum. If the market value of a property falls below the property’s inflation adjusted Prop 13 value, Proposition 8 (Prop 8), also passed in 1978, allows a property to be temporarily reassessed at the lower market value. The value comparison is based on a property’s market value as of January 1 of each year.
For properties with a Prop 8 assessment, the Assessor’s Office appraises the property each year until the market value of the property is equal to or greater than the property’s inflation adjusted Prop 13 value. In contrast to Prop 13 assessments, the 2% inflation cap does not apply to Prop 8 assessments. When market values are rising, this can result in higher than expected increases in a property’s annual tax bill. Nevertheless, the assessed value of a property cannot be increased above the property’s inflation adjusted Prop 13 value.
Effective July 1, 2014, property owners can utilize the “Assessed Value Lookup” feature on the Assessor’s website at assessor.saccounty.gov to preview the assessed value of their property before tax bills are issued in October. Property owners who believe the 2014-2015 assessed value of their property is higher than market value as of January 1, 2014 should first request an informal Prop 8 review by filing a request online, by mail, or in person at the Assessor’s Office. In addition, owners may file an appeal with the Assessment Appeals Board, an independent body appointed by the Board of Supervisors. The appeal filing period is July 2 - December 1, 2014. Instructions for filing an appeal can be found on the Assessment Appeals Board web site sccob.saccounty.gov.
For more information on property tax assessment, taxpayers may visit the Assessor’s website or the Assessor’s office at 3701 Power Inn Road, Suite 3000 (Monday - Friday 8 a.m. - 5 p.m.).
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