Beginning in 2007 we have seen a significant reduction in the value of real estate in Fresno County. Because of this, we have reduced the assessed value of over 80,000 properties. If you purchased your property between 2002 and 2008, it is likely that the current fair market value of your property has dropped below the assessed value calculated under Proposition 13.
The assessed value under Proposition 13 is based on the market value of your property at the time it was acquired. So, if you purchased your property prior to 2002, even with the drop in real estate values, your assessment under Prop 13 is still likely to be less than the current fair market value, providing you with the benefit of the lowest assessment possible under the law.
For the 2009-10 Assessment Roll, we reviewed and reduced the assessment on over 70,000 parcels affected by the market decline. This reduction will be reflected on the annual tax bills issued in October. If we found the fair market value of your property has declined below the Proposition 13 value, we have made this reduction in the assessment of your property, even if you have not made a request. We are being proactive so as to fulfill our mission of providing fair, accurate and timely assessments for the taxpayers of Fresno County
Please note that, by law, this assessment reflects the valuation of the property as of January 1, 2009. We are aware the market has declined further since that date and any such change in value after that date will be reflected in the assessment made for January 1, 2010.
If you have evidence that the assessment is not an accurate valuation of your property as of January 1, 2009, you have the right to file an Assessment Appeal from July 2nd through November 30, 2009. Further information and forms are available from the Clerk to the Board of Supervisors, (559) 600-3529, or their Assessment Appeals web page. Should you choose to file an Assessment Appeal, The Clerk to the Board of Supervisor’s Office will contact you to schedule your appeal date and provide instructions to aid you in the presentation of your
You can check your values online.
Background of the Propositions
The yearly taxable value of most real property in California must be the lower of either:
- the property's base year value adjusted for inflation, known as the “Prop. 13” or the factored base year value, or
- the property's fair market value on January 1st (the lien date) for the applicable tax year, which we refer to as the “Prop. 8” value.
The base year value is either the 1975 market value or the market value based upon the time period whenever new construction or an ownership change has occurred. The law then provides for an annual inflation adjustment of no more than 2%.
Sometimes the market value of a property falls below its Prop 13 value. Prop 8 addresses these temporary declines in value by allowing the Assessor to reduce the assessed value of your property by enrolling a value that reflects this temporary decline in fair market value. Once reduced, your property's value must be reviewed on January 1 each year to compare its current market value to its Prop 13 value and then enrolling the lower of the two values. Prop 8 values can change from year to year as the market fluctuates. While your Prop 13 value may increase a maximum of 2% per year, there is no such limitation on the Prop 8 value. Consequently, your new assessed value may have risen more than 2% over last year’s value. However, your assessment can never exceed your factored base year value under Prop 13. Once the market value exceeds the Prop 13 value, the Assessor will restore the Prop 13 value as the assessed value.
Temporary reductions to your property's taxable value on the Assessment Roll can be initiated by either you or the Assessor. If a value reduction is not initiated by the Assessor the process works like this:
You must provide us with evidence that you feel justifies a reduction in your property value. A simple claim that the property value has declined is not sufficient. This evidence may include sales of comparable properties or even an appraisal. If this is an income producing property, a verified current operating statement and rent roll must be included as well. Note that the sales you bring to our attention must have occurred no later than 90 days after January 1st. More recent sales will be considered for the following tax year.
Our appraisal staff will estimate your property's current fair market value as of January 1 (the lien date) after reviewing the information submitted by you and studying applicable real estate market data. (Please keep in mind that the market value at the time when you receive and pay your tax bills is not connected to that bill. Instead, for the 2009-10 tax bills, we must look at the real estate market conditions as of the lien date, January 1, 2009 and no more than 90 days after.) We then compare the current market value to your property's Prop 13 value. If the current value is greater than the Prop 13 value, no change is made to your property's assessed value. However, if the lien date market value is less than the Prop 13 value, your property's assessed value is lowered to reflect its fair market value.
Assessment Appeal Another route to challenging your assessed value is to file an Application for Changed Assessment. Applications for Changed Assessment are filed with the Clerk to the Board of Supervisor’s Office. You can download an Application for Changed Assessment as well as the Board of Equalization's guide to Residential Property Assessment Appeals, which may provide helpful information for completing the application form.
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Read more about Proposition 8