OK, so you received a document from the county stating “NOTICE of ASSESSED VALUE” What does the Notice of Assessed Value document mean? What are you going to do with it? And maybe you’re wondering how the county came up with the assessed value. And perhaps you question how they increased your assessed value when your property value actually declined.
Let’s talk about a little background first…
What is a Notice of Assessed Value and where does it come from?
Each county assessor annually assesses all taxable property in the county. Except for state-assessed property, every person, business, or legal entity owning, claiming, possessing, or controlling property on January 1 will be assessed a tax. The County Assessor is required to discover all assessable property, to inventory it, and list all taxable property. The County Assessor also values the property and enrolls the property on the local assessment roll.
California State Law requires each County Assessor reassess real property to current market value whenever ownership changes or new construction completes. In addition, the assessor can change the assessed value of a property to recognize a decrease in value, to correct an error, or to enroll an escaped assessment (one overlooked previously). Except for changes in assessment due to annual adjustments for inflation, the Law requires County assessors notify property owners whenever their assessments increases.
So that’s how the “NOTICE of ASSESSED VALUE” notice got in your mailbox.
What can I do about the Notice of Assessed Value?
Now, what can you do about the Notice of Assessed Value?
If everything looks good and you agree with the assessed value then your only option is to pay your property tax bill as is.
But if you think the county made an error; you believe the increased assessed value inaccurate, the assessed value for new construction incorrect, or your property value actually decreased, then you have some options. You must still pay the property tax as stated in the Notice of Assessed Value. But the question is will you be able to get any of that tax money back in your pocket due to oversight by the County Assessor?
If you want property tax money refunded to you, the Property Tax Appeal process is the only method. That means you or your agent needs to file for a Property Tax Appeal before the Assessment Appeals Filing deadline. This deadline is also known as the “you’re screwed if you miss it” deadline.
When dealing with the government, it’s best to use professional services. Only a Property Tax Professional knows the “ins”, “outs”, and finer nuances of Property Tax law. And only a Property Tax Professional can put the most property tax refund money in your pocket. Property Tax Professionals, using accepted valuation methodology, possessing the hearing experience can prepare, fight, and win your case before the Assessment Appeals Board.
Don’t fool around fighting a Property Tax Appeal case yourself. Been there – done that.
Get Professional help. And don’t wait
If your property is located in Southern California, I’m a believer in these guys, Tax Appeal Consultants