Wednesday, January 21, 2009

Sacramento County Assessor Info

I was fortunate enough last week to attend a presentation by Kenneth Stieger, the Sacramento County Tax Assessor. Did you know he is an elected official??

A few resources he pointed the group to which ya'll may find to be of value:

Sacramento County Assessor 2008 Annual Report; this is a pretty large file. This document encompasses much of what he reviewed with us during his presentation and Q&A. It clearly defines Proposition 8 (no, not that one!) which deals with "decline in value" reassessments, and Proposition 13 which deals with "base year value" and "factored base year value." It also shows the year-over-year growth in the tax rolls, where the money is spent, among other things.

Also, many folks don't know this, however it bears repeating...your assessed value has to do with the "factored base year value" of your property as of January 1 of the previous year. Meaning, the tax bills that you pay in November 2008 (first installment) and April 2009 (second installment) are based on the "factored base year value" of your home in January 2008. Thus, the tax bills that you pay in November 2009, and April 2010 will be based on the "factored base year value" of your home RIGHT NOW. To understand how your "factored base year value" is calculated, you really should read the annual report...there are lots of nuances to this. To over-simplify it, it is your "base year value" (purchase price) plus a 2% adjustment annually.

Remember - the Sacramento County Assessor's office only entertains application to appeal your assessed value from July to the end of November 2009.

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