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Property Tax Assessments Arriving in the Mail

Alameda County property owners are receiving their property tax assessment notices in the mail. Owners have until September 17th, 2012, to appeal the assessment of their property before bills arrive in October.

Last year, the Alameda County property tax assessor’s office independently reviewed over 108,000 properties and provided reduced assessments due to market value declines.

Proposition 8, passed in 1978, provides that properties can be reassessed downward for tax purposes due to a decline in market value. However, the Proposition 13 Base Year Value, which is much higher for many homeowners is still tracked by the county.

Lower assessments could be setting up homeowners for a shock down the line, though. In the event of a sharp upward swing in market values, homeowners could see their assessed value rise by more than the annual 2 percent limit provided for under Proposition 13, because Proposition 8 allows for the assessed value to rise step-for-step with market value, with no limit. That rise translates into a higher tax bill in the fall.

Property owners looking for information on how to appeal their property’s assessed value can visit the County’s website here.

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