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Placer County is sending out tens of thousands of property assessment notices during the month of July. Placer County Assessor, Kristen Spears, announced Thursday that the 2013 Assessment Roll increased 6.13% from last year. This may be a good sign that the economy is turning around. Most of the increase in revenue is coming from residential home values but it also means higher property taxes for homeowners that may not be feeling the improvement yet, in their wallets.
Spears explains that Assessed value in California is based on the lower of two values.
Spears says if homeowners have any questions about the notice of assessed values they are receiving to please contact the assessor’s office.
For 2013, there are 65,000 assessments still assessed at market value. Due to the local real estate market recovery, 46,700 of these assessments will see increases in assessed value. An additional 14,300 properties have recovered sufficient value so that their market value is higher than their Proposition 13 value, and they have been restored back up to their Proposition 13 base for 2013.
Property owners are encouraged to call the Placer County Assessor’s office or go the county’s web site for more information including a step-by-step video of how properties are assessed.