Wednesday, 10 October 2007 01:58

The Ups and Downs of Property Values and Taxes

slide21With falling real estate property values big news these days, are you wondering why your property tax bill went up this year? Amador County Assessor Jim Rooney says that’s a common question and the answer lies in the workings of California’s infamous Proposition 13. Since 1978 when Prop 13 was passed, assessed home values have been limited to a maximum increase of 2 percent per year. Over the past 10 years or so, Amador County property values have risen far faster than 2 percent, so even with recent declines in home values, the market value of most homes is still higher than their assessed value on the county books.
And just because you’ve heard reports that the median home value in the state or county may have declined 15% compared to a year ago -- that doesn't mean your house declined that much. Depending on location and type of property, market value for your home may have declined more, less or not at all. However, if you bought a home, say, two years ago, you may want to request a reassessment. Rooney says his staff of county appraisers is actively looking for properties that may be assessed too high, and he stands ready to lower tax bills on those properties if it’s warranted. “I see the Assessor’s office as representing the taxpayer, as well as county government,” says Rooney. Property owners can request an Assessment Review at any time -- and don’t worry that an inquiry on your home might hike your tax bill – an inquiry can result in the assessed value going down or staying the same, unless there’s been unpermitted improvements to the property that might add to its value. If you’re curious, you can check your assessed property value on the County’s website – go to www.co.amador.ca.us and under department listings, click on the Assessor page and the assessment inquiry link. You’ll need your parcel number for the search, and that number can be found on your property tax bill. “I put myself in the taxpayer’s shoes,” says Rooney. “I don’t want to pay too much tax either!”