Property owner information: www.parcelquest.com
El Dorado County Records: www.governmentregistry.org
Public Records: www.govtregistry.com
Call or Email your Assessor at: 530-621-5719 or jwinners@co.el-dorado.ca.us
PRESS RELEASE FOR EL DORADO COUNTY PROPERTY OWNERS FROM ASSESSOR TIM HOLCOMB
El Dorado County Assessor Tim Holcomb announces 12,000 properties to be reviewed for lowered assessments Placerville, March 28, 2008: Tim Holcomb, El Dorado County Assessor, today announced that more than 12,000 properties are under review and considered for lower property tax assessments. Generally, the reviewed properties are those with assessments resulting from changes in ownership or new construction that occurred during the peak of the real estate market. Holcomb explained the process involves three steps. "First, we have already selected all properties which sold or had some reassessment activity between June 2004 and December 2007. Now, we are currently processing sales and new construction values through the end on March 2008, in order to get an accurate picture of the market in January. Finally we will evaluate the decline in the market and decrease assessments accordingly." The reduced assessed values will be reflected in the tax bill for the 2008/2009 fiscal year, which begins July 1st, 2008.
Holcomb says that, depending on what other charges are on the property tax bill, property owners could see a reduction of up to twenty percent in the tax bills mailed out this coming fall.
The Assessor went on to clarify that a 1978 constitutional amendment (Proposition 8), requires the Assessor to recognize a temporary loss in value. Each year, the Assessor is to enroll the lower of the factored base year value or current market value as of the lien date, January 1st. Normally, the factored value assessed under Prop13 is lower than market, but in a down market, the reverse can occur, and when it does, the Assessor temporarily lowers the assessed value.
"The property is assessed at whichever is lower, the factored base year value or the market value" Holcomb explained "As we understand the current market, if the property was purchased before somewhere around the middle of 2004, before the market really took off, the trended base year value is still lower than the market value.
The most likely
candidates for a reduction are those who purchased or built a home sometime after the middle of 2004."
Property owners whose values have been reduced will receive a notice from the Assessor showing the new assessed value. The Assessor's Office will also review property at the request of the owner. The Assessor reviewed and lowered several hundred properties retroactively for the 2007/2008 fiscal year. Under current law, the Assessor has until July 1st of 2008 to recognize declines in value as of January 1st, 2007.
Once a reduced assessment is in place, California law requires the Assessor to track real estate market trends and reappraise the properties to current market value as of January 1st annually, until the market value exceeds its factored base year value. At that time, the trended or factored base year value is re-enrolled, regardless of how high the market value climbs.
Proposition 13, passed in 1978, requires a reappraisal to current market value, on a change in ownership or completion of new construction. This value, the base year value, increases annually by a maximum of 2%. Annual ad valorum property taxes are charged at 1% of the trended base year value. If a subsequent change in ownership occurs, a new base year value is established. New construction is appraised at fair market value and added to the existing trended base year value.
The Proposition 8 reductions reflect a widespread decline in real estate prices in El Dorado County since early 2007.
Property owners who have questions or who wish to request a review of their assessed values can call the Assessor's Office. The main office is located at 360 Fair Lane in Placerville, CA. Office hours are 8-5 and the main phone number is 530.621.5719. The South Lake Tahoe Office is located at 3368 Lake Tahoe Blvd, Suite 103, SLT CA 96150.
Office Hours are also 8-5 and the phone number is 530.573.3422.
The Assessor's web site, www.co.el-dorado.ca.us/assessor has both information on a variety of property tax issues as well as an on line application for Prop 8 review.
Contact - Tim Holcomb, Assessor, 530-621-5719.
tholcomb@co.el-dorado.ca.us
Wendi-Mae Davis, CRS, GRI
Broker Associate/Real Estate Counselor
Director of the California Association of Realtors
Vice Chair Land Use/Environmental Committee
www.wendimae.com Toll Free 866-333-6333
Wednesday, May 14, 2008
Sunday, May 11, 2008
County Assessor adjusts value of 12000 homes
For additional information on the current value of your home-Contact me today, I can link you to the County website...or provide you with even more in-depth information on the subject.
Wendi-Mae Davis, CRS, GRI
Broker Associate/Connect Realty
Director of the California Association of Realtors
wendimae@wendimae.com
http://www.wendimae.com
Toll Free 866-333-6333
Wendi-Mae Davis, CRS, GRI
Broker Associate/Connect Realty
Director of the California Association of Realtors
wendimae@wendimae.com
http://www.wendimae.com
Toll Free 866-333-6333
Property Values Re-Assessed
Property owner information: http://www.blogger.com/www.parcelquest.com El Dorado County Records: http://www.blogger.com/www.governmentregistry.org Public Records: http://www.blogger.com/www.govtregistry.com
Call or Email your Assessor at: 530-621-5719 or jwinners@co.el-dorado.ca.us
PRESS RELEASE FOR EL DORADO COUNTY PROPERTY OWNERS FROM ASSESSOR TIM HOLCOMB
El Dorado County Assessor Tim Holcomb announces 12,000 properties to be reviewed for lowered assessments Placerville, March 28, 2008: Tim Holcomb, El Dorado County Assessor, today announced that more than 12,000 properties are under review and considered for lower property tax assessments. Generally, the reviewed properties are those with assessments resulting from changes in ownership or new construction that occurred during the peak of the real estate market. Holcomb explained the process involves three steps. "First, we have already selected all properties which sold or had some reassessment activity between June 2004 and December 2007. Now, we are currently processing sales and new construction values through the end on March 2008, in order to get an accurate picture of the market in January. Finally we will evaluate the decline in the market and decrease assessments accordingly." The reduced assessed values will be reflected in the tax bill for the 2008/2009 fiscal year, which begins July 1st, 2008.
Holcomb says that, depending on what other charges are on the property tax bill, property owners could see a reduction of up to twenty percent in the tax bills mailed out this coming fall.
The Assessor went on to clarify that a 1978 constitutional amendment (Proposition 8), requires the Assessor to recognize a temporary loss in value. Each year, the Assessor is to enroll the lower of the factored base year value or current market value as of the lien date, January 1st. Normally, the factored value assessed under Prop13 is lower than market, but in a down market, the reverse can occur, and when it does, the Assessor temporarily lowers the assessed value.
"The property is assessed at whichever is lower, the factored base year value or the market value" Holcomb explained "As we understand the current market, if the property was purchased before somewhere around the middle of 2004, before the market really took off, the trended base year value is still lower than the market value.
The most likely
candidates for a reduction are those who purchased or built a home sometime after the middle of 2004."
Property owners whose values have been reduced will receive a notice from the Assessor showing the new assessed value. The Assessor's Office will also review property at the request of the owner. The Assessor reviewed and lowered several hundred properties retroactively for the 2007/2008 fiscal year. Under current law, the Assessor has until July 1st of 2008 to recognize declines in value as of January 1st, 2007.
Once a reduced assessment is in place, California law requires the Assessor to track real estate market trends and reappraise the properties to current market value as of January 1st annually, until the market value exceeds its factored base year value. At that time, the trended or factored base year value is re-enrolled, regardless of how high the market value climbs.
Proposition 13, passed in 1978, requires a reappraisal to current market value, on a change in ownership or completion of new construction. This value, the base year value, increases annually by a maximum of 2%. Annual ad valorum property taxes are charged at 1% of the trended base year value. If a subsequent change in ownership occurs, a new base year value is established. New construction is appraised at fair market value and added to the existing trended base year value.
The Proposition 8 reductions reflect a widespread decline in real estate prices in El Dorado County since early 2007.
Property owners who have questions or who wish to request a review of their assessed values can call the Assessor's Office. The main office is located at 360 Fair Lane in Placerville, CA. Office hours are 8-5 and the main phone number is 530.621.5719. The South Lake Tahoe Office is located at 3368 Lake Tahoe Blvd, Suite 103, SLT CA 96150.
Office Hours are also 8-5 and the phone number is 530.573.3422. The Assessor's web site, http://www.blogger.com/www.co.el-dorado.ca.us/assessor has both information on a variety of property tax issues as well as an on line application for Prop 8 review.
Contact - Tim Holcomb, Assessor, 530-621-5719. tholcomb@co.el-dorado.ca.us
Call or Email your Assessor at: 530-621-5719 or jwinners@co.el-dorado.ca.us
PRESS RELEASE FOR EL DORADO COUNTY PROPERTY OWNERS FROM ASSESSOR TIM HOLCOMB
El Dorado County Assessor Tim Holcomb announces 12,000 properties to be reviewed for lowered assessments Placerville, March 28, 2008: Tim Holcomb, El Dorado County Assessor, today announced that more than 12,000 properties are under review and considered for lower property tax assessments. Generally, the reviewed properties are those with assessments resulting from changes in ownership or new construction that occurred during the peak of the real estate market. Holcomb explained the process involves three steps. "First, we have already selected all properties which sold or had some reassessment activity between June 2004 and December 2007. Now, we are currently processing sales and new construction values through the end on March 2008, in order to get an accurate picture of the market in January. Finally we will evaluate the decline in the market and decrease assessments accordingly." The reduced assessed values will be reflected in the tax bill for the 2008/2009 fiscal year, which begins July 1st, 2008.
Holcomb says that, depending on what other charges are on the property tax bill, property owners could see a reduction of up to twenty percent in the tax bills mailed out this coming fall.
The Assessor went on to clarify that a 1978 constitutional amendment (Proposition 8), requires the Assessor to recognize a temporary loss in value. Each year, the Assessor is to enroll the lower of the factored base year value or current market value as of the lien date, January 1st. Normally, the factored value assessed under Prop13 is lower than market, but in a down market, the reverse can occur, and when it does, the Assessor temporarily lowers the assessed value.
"The property is assessed at whichever is lower, the factored base year value or the market value" Holcomb explained "As we understand the current market, if the property was purchased before somewhere around the middle of 2004, before the market really took off, the trended base year value is still lower than the market value.
The most likely
candidates for a reduction are those who purchased or built a home sometime after the middle of 2004."
Property owners whose values have been reduced will receive a notice from the Assessor showing the new assessed value. The Assessor's Office will also review property at the request of the owner. The Assessor reviewed and lowered several hundred properties retroactively for the 2007/2008 fiscal year. Under current law, the Assessor has until July 1st of 2008 to recognize declines in value as of January 1st, 2007.
Once a reduced assessment is in place, California law requires the Assessor to track real estate market trends and reappraise the properties to current market value as of January 1st annually, until the market value exceeds its factored base year value. At that time, the trended or factored base year value is re-enrolled, regardless of how high the market value climbs.
Proposition 13, passed in 1978, requires a reappraisal to current market value, on a change in ownership or completion of new construction. This value, the base year value, increases annually by a maximum of 2%. Annual ad valorum property taxes are charged at 1% of the trended base year value. If a subsequent change in ownership occurs, a new base year value is established. New construction is appraised at fair market value and added to the existing trended base year value.
The Proposition 8 reductions reflect a widespread decline in real estate prices in El Dorado County since early 2007.
Property owners who have questions or who wish to request a review of their assessed values can call the Assessor's Office. The main office is located at 360 Fair Lane in Placerville, CA. Office hours are 8-5 and the main phone number is 530.621.5719. The South Lake Tahoe Office is located at 3368 Lake Tahoe Blvd, Suite 103, SLT CA 96150.
Office Hours are also 8-5 and the phone number is 530.573.3422. The Assessor's web site, http://www.blogger.com/www.co.el-dorado.ca.us/assessor has both information on a variety of property tax issues as well as an on line application for Prop 8 review.
Contact - Tim Holcomb, Assessor, 530-621-5719. tholcomb@co.el-dorado.ca.us
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