Office of Assessor News Release

PLACER COUNTY'S ROBUST BUILDING ACTIVITY REFLECTED IN 14.8% ASSESSMENT ROLL INCREASE

Bruce Dear, Placer County Assessor, reported today that total value of the recently completed local assessment roll rose to $26.9 billion for 2001-2002, an increase of $3.4 billion from last year's roll. The 14.8% assessment roll increase is attributed to an increase in the value of properties that changed ownership and to a robust rate of new construction.

The annual property assessment roll, delivered by Dear to the County Auditor, generates the property tax revenue that is used to fund education, criminal justice, health, welfare and many other local government services.

Mr. Dear stated that "notices of assessed value," are now being mailed to all business property owners and to homeowners who had new construction on their property which was partially complete on January 1, 2001.

"Notice" letters are also being mailed to owners of property who previously had their value reduced (Proposition 8) because last year's market value was lower than their indexed base year (Proposition 13) value. About 10,000 property owners will have value increases, but their total 2001-2002 assessment is still below the Proposition 13 value. Value increases are based upon sales of similar properties which occurred between January 1, 2000 and January 2001.

Due to improved market conditions, about 4,500 notices will be mailed to owners of property who had their indexed base year (Proposition 13) values restored for 2001-2002 based upon sales of similar property. Once the Proposition 13 value is restored the property can increase in assessed value no more than 2% per year.

Questions related to property assessments can be directed to the Assessor's office at telephone number (530) 889-4300. For anyone who would like to discuss their assessment in person, the main office of the Assessor Department is located at 2980 Richardson Drive, Auburn, in the DeWitt Center.

Bruce Dear,
Placer County Assessor

ASR-NR #2001-01

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