Just got property value notice from county....

[ps99472]

My taxable value has gone up 10%!  An increase of $55,500.  Granted it is still less than what my prop 13 factored year value is..  Recession is over, time to pay your taxes.. 

 

[usctrojancpa]

My taxable value has gone up 10%!  An increase of $55,500.  Granted it is still less than what my prop 13 factored year value is..  Recession is over, time to pay your taxes.. 

Is your home in Irvine?  If so, that's about right since prices are up about 10% from last spring.

 

[usctrojancpa]

My taxable value has gone up 10%!  An increase of $55,500.  Granted it is still less than what my prop 13 factored year value is..  Recession is over, time to pay your taxes.. 

Is your home in Irvine?  If so, that's about right since prices are up about 10% from last spring.

The assessed value is actually based on the market value back on 1/1/10.  Got my notice yesterday too.  Mine went up a little over 7%, but still less than the Prop 13 value.

Yeah, they re-assess based upon their valuation in Jan. of each year.  The low point for prices in Irvine were 1/09 to 3/09 and began to rise in the spring throughout the fall as inventory levels went down by more than 50% and sales volume increased by more than 40-50%.  Prices have been pretty flatish from this spring to now.

 

[sgip]

Did you ask for a reduction in your property taxes for 2007 through 2008? Most home owners don't realize that if you ask for a reduction, the base tax can be increased by more than 2% per year (normal Prop 13 limits) back up to the original value of the home before the reduction. People who got a 20% reset in value might see a 22% increase in value depending on what data the County uses to set value.

This happened to us in 1994, the last bottom in values. Don't know if laws have changed since, but for anyone who re-assessed, prepare for possible increases.

My .02c

Soylent Green Is People

 

[25inirvine]

What happens if you didn't ask, but instead they voluntarily drop your property taxes?

I know it isn't much but I have a friend who just got a notice for -.25% drop without them asking for anything.  Are they then allowed to increase it 4% in the next year?  Or future years if they can't justify next year.

 

[irvinerealtor]

Example: If you bought a property at $500K 5 years ago, it would be eligible for a maximum assessed value (under Prop 13) of increasing by 2% per year.  Any amount that it falls below that, it can drop to whether requested or granted without request.
Maybe some informal pron might be better:

                max              actual          actual
            assessable      market      assessed
                value            value            value
year 0  $500,000      $500,000    $500,000
year 1  $510,000      $515,000    $510,000
year 2  $520,200      $490,000    $490,000
year 3  $530,604      $540,000    $530,000
year 4  $541,216      $540,000    $540,000
year 5  $552,040      $540,000    $540,000

Assessed value can go wildly up or down, but hits a ceiling at the max assessable value.

-IR2

 

[shokunin]

I got a drop in value of .25% woohoo... I don't know how they assessed the value since we bought the home in 1999.  Doesn't make any sense, but I'm not complaining.