Value Review Program
The Assessor annually reviews and adjusts property tax assessments to ensure property in Placer County is assessed correctly. The assessed value is based on the lower of two values: the Proposition 13 value or the market value as of January 1st. The Proposition 13 value is based on the market value of property when it was acquired, plus new construction (if applicable), and adjusted for inflation by no more than 2% per year. By using the lower of these two values, property owners are provided tax relief during times of increasing and decreasing property values.
In recent years, many of these reviews have resulted in lower property tax assessments. However, the condition of the economy this year is improving, and a large number of property owners may see their property tax assessment increase. If your assessment value has been temporarily reduced to its market value, your value may increase more than 2%. Just as there is no limit to the amount of your property tax reduction, there is also no limit on the amount of increase when recovering from a reduction. These annual adjustments will continue until your market value exceeds the Proposition 13 value. When this occurs, the Proposition 13 value will be restored, and your assessed value increases will be limited to 2% per year. Please review the diagram below for a further explanation on how market declines and recovery may affect your value.
If you believe the market value on January 1, 2013, is less than the amount shown on your July 2013 value notice, you may request a review of your assessment. The filing period for a value review is July 1st through December 31st. Please complete and return one of the following forms to request your valuation review. Your property tax payments are still due by the indicated due date. If a value adjustment is warranted, a notice of correction and revised tax bill or refund will be issued.
- Residential Decline in Value Review Application - Not available until after July 1, 2014
- Commercial Decline in Value Review Application - Not available until after July 1, 2014
If your assessment review is not resolved to your satisfaction, you have the right of appeal to the County Assessment Appeals Board. In order to appeal an assessment, you must file an Application for Changed Assessment with the Clerk of the Board, between July 2 and September 15 (or the next business day if the 15th falls on a weekend or holiday). For Supplemental Assessments you must file within 60 days of the date of Notice of Supplemental Assessment. Applications are available from the Clerk of the Assessment Appeals Board at 175 Fulweiler Ave., Auburn, CA 95603, by phone at (530) 889-4020 or at www.placer.ca.gov/bos/Clerk.aspx.
You may also find the following additional resources helpful:
The following diagram illustrates how a market decline and recovery may affect your assessed value.