SAN DIEGO – In California, the assessed value of existing properties is only allowed to grow by either the California Consumer Price Index or 2 percent, whichever is lower. State law requires calculating the adjustment factor by rounding to the nearest 1000th of 1 percent.
County Assessor Ernie Dronenburg announced that the inflation rate for the 2015 year is 1.998 percent or just under the 2 percent cap required by California law. The assessment roll will be “indexed” by 1.01998 for 2015, as required by Proposition 13. In addition, properties that have changed ownership or have qualified new construction will be reassessed for the 2015 valuation year …
… “If you think that your property’s market value as of Jan. 1, 2015 is less than your current assessed value, you can request that my office review your assessment,” said Dronenburg.
Property owners, who believe their property’s market value as of Jan. 1, 2015 has dropped below its current assessed value, can file an application online to request the Assessor’s office to review their property’s assessment before the 2015 tax bill is issued. As an indication of their current assessed value, an owner can reference the assessed value on their 2014-2015 tax bill.
Assessor Dronenburg wants to remind the over 150,000 taxpayers who were granted a reduction last year that they need not apply again this year as their assessed value will be automatically reviewed. Assessor Dronenburg concluded, “If you would like a paper version of the application form, you can call our help number at my office (858-505-6262) and a form will be mailed to you. However, don’t forget that April 30, 2015 is the deadline for submitting the application for a review of assessment.”
All taxpayers who apply will be notified of the results of their request in July 2015. If the owner disagrees with the decision, they can file a formal appeal with the county Assessment Appeals Board. The appeal should be sent to the Clerk of the Assessment Appeals Board between July 2 and Nov. 30, 2015.
courtesy of: http://www.thevillagenews.com/