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 assessed 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.
If you believe the market value on January 1st of each year is less than the amount shown on your July value notice, you may request a review of your assessment. There is no charge for this service. The filing period for a value review is July 1st through December 31st.
|Residential Value Review Application|
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.
Please review the diagram (PDF) below for further explanation on how market declines and recovery may affect your value.
- Frequently Asked Questions - Scroll to Value Review Program Section
- State Board of Equalization's Proposition 8 / Decline in Value FAQs
- Property Tax Reduction to Diminish as Housing Market Improves (PDF)
- Value Review Examples (PDF)
- CalTax News Extract - Proposition 8 Reassessments (PDF)
- Howard Jarvis Taxpayers Association
- Please watch our video explaining how property is valued: