In the current home market my property isn’t still worth what it is assessed for. Why hasn’t my assessment gone down?
This is really a question best answered on an individual-property basis by the City Assessor. However, most property assessments are based on sales studies of properties in the neighborhood. Property owners are entitled to appeal their assessments at the annual March Board of Review after receiving their assessment notices in late February. In periods of inflation your assessment may have gone down even though the taxable value may have gone up. Keep in mind though that, as a result of the application of Proposal A to the taxable values, there may be a significant gap between the (higher) assessed value and the (lower) taxable value such that a lowering of the assessed value may have little or no effect on the taxable value. Contact the City Assessor’s office regarding any questions as to the assessment of your property. The Treasurer’s office cannot assist you in any way with assessment issues.
Related Questions
- The family across the street was foreclosed on by the bank who sold their home for a lot less than the assessed value. Isn’t that proof my assessment should be lowered?
- If a property was on the market before 6 April 2009, will a PIQ have to be included in the Home Information Pack (HIP) on that date?
- Top of page 10.Will the assessed capital value of a property be the same as the open market value?
