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Foothill Forum - April 15, 2010 Kristen Spears, Placer County Assessor 14.8% 12.8% 13.6% 13.1% 15.0% 16.5% 8.5% 2.3% -2.6% Assessment Roll Value Change.

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Presentation on theme: "Foothill Forum - April 15, 2010 Kristen Spears, Placer County Assessor 14.8% 12.8% 13.6% 13.1% 15.0% 16.5% 8.5% 2.3% -2.6% Assessment Roll Value Change."— Presentation transcript:

1 Foothill Forum - April 15, 2010 Kristen Spears, Placer County Assessor 14.8% 12.8% 13.6% 13.1% 15.0% 16.5% 8.5% 2.3% -2.6% Assessment Roll Value Change

2 Kristen Spears, Placer County Assessor April 15, Assessment Roll SECURED ASSESSMENT ROLL Residential Assessments 143,808 Commercial/Industrial Assessments 7,602 Other Assessments 9,014 Total 160,424* * 39% recognized decline UNSECURED ASSESSMENT ROLL Business Assessments 5,609 Boats 6,175 Airplanes 358 Other Assessments 1,522 Total 13,664

3 Kristen Spears, Placer County Assessor April 15, 2010 Transfer/Foreclosure Relationship

4 Kristen Spears, Placer County Assessor April 15, 2010 YEAR Properties on Prop , , , , ,197 # of Properties Proactive Decline in Value Program

5 Kristen Spears, Placer County Assessor April 15, 2010 Proposition 13 Proposition 13 passed in 1978, established the base year value concept for property tax assessments Offers property owners protection by holding assessed value increases to a maximum 2% inflationary increase per year Under Proposition 13, assessments for the year serve as the original base year value Thereafter, a new base year value is established whenever a property is purchased, newly constructed or changes ownership

6 Kristen Spears, Placer County Assessor April 15, 2010 What is Proposition 8? It allows the Assessor to temporarily lower the assessed value of property It is applied only when the market value of the total property on the January 1 st lien date is less than the Proposition 13 base year value indexed at a maximum of 2% per year Assessor can perform a proactive mass-review of properties throughout the county to help property owners avoid the need for filing appeals for property tax relief in a declining market Year 1 $500,000 $500,000 Year 2 $510,000 $480,000 Year 3 $520,200 $510,000 Year 4 $530,604 $550,000 $500,000P13 $480,000P8 $510,000 P8 $530,604 P13 Example of Market Decline & Recovery Base Value Market Value Assessed Value

7 Kristen Spears, Placer County Assessor April 15, 2010 News for Slight Decline for P13 Property Tax Values California Consumer Price Index (CPI) Example: P13 Value $550, P13 Value $548,697 Continue Residential Decline in Value Review Program Mass Commercial/Industrial Decline In Value Program Letters sent to property owners requesting info to review their property value as of January 1, 2010 Current Appraisal Rent Roll E-Filing available for Business Property Owners Vacancy Rate Re-negotiated Lease

8 Kristen Spears, Placer County Assessor April 15, 2010 Important Dates Jan 1 Lien Date Feb 15 Deadline for filing most exemption claims April 10 2 nd Secured Prop. Tax Installment Due (Treasurer Tax Collector) May 7 Last Day to file Bus Prop Stmt without penalty June 30 Assessment Roll Completed and Delivered to the Auditor July 1 Fiscal Year Begins July 2-Sept 15 Appeal Application Filing Period (Clerk of the Board) Mid July Value Notices mailed for secured roll Start of Decline In Value (Proposition 8) Value Review Filings to Assessor Aug 31 Unsecured Property Tax Due (Treasurer Tax Collector) Dec 10 1 st Secured Property tax Installment Due (Treasurer Tax Collector) Dec 31 Decline In Value (Proposition 8) Request for Review Deadline

9 Kristen Spears, Placer County Assessor April 15, 2010 New Supplemental Estimator

10 Kristen Spears, Placer County Assessor April 15, 2010 Placer County Assessor Kristen Spears Website: Telephone: (530) Address: 2980 Richardson Drive Auburn Contact Information Supplemental Property Tax Estimator Business Property Statement E-Filing Customer Service Survey Assessment Inquiry by Parcel Frequently Asked Questions Fillable Assessment Forms Assessment Roll Facts


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