Foothill Forum - April 15, 2010 Kristen Spears, Placer County Assessor
2001 2002 2003 2004 2005 2006 2007 2008 2009
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
1
Year
% o
f C
ha
ng
e
14.8%
12.8%13.6%
13.1% 15.0% 16.5%
8.5%
2.3%
-2.6%
Assessment Roll Value Change
Kristen Spears, Placer County AssessorApril 15, 2010
2009 Assessment Roll
SECURED ASSESSMENT ROLLResidential Assessments 143,808Commercial/Industrial Assessments 7,602Other Assessments 9,014Total 160,424** 39% recognized decline
UNSECURED ASSESSMENT ROLLBusiness Assessments 5,609Boats 6,175Airplanes 358Other Assessments 1,522Total 13,664
Kristen Spears, Placer County AssessorApril 15, 2010
Transfer/Foreclosure Relationship
0
5000
10000
15000
20000
25000
2005 2006 2007 2008 2009 2010
ROLL YEARSTransfer Foreclosed
22,25120,787
17,486 17,634
14,866
3,773
30
525
2,464
2,7401,272304
(THRU MARCH 17)
Kristen Spears, Placer County AssessorApril 15, 2010
010,00020,00030,00040,00050,00060,00070,000
2005 2006 2007 2008 2009 YEAR Properties on Prop 8
2005 5,803 2006 5,704 2007 17,865 2008 35,783 2009 63,197
# of
Pro
pert
ies
Proactive Decline in Value Program
Kristen Spears, Placer County AssessorApril 15, 2010
Proposition 13 Proposition 13 passed in 1978, established the base
year value concept for property tax assessments
Offers property owners protection by holding assessed value increases to a maximum 2% inflationary increase per year
Under Proposition 13, assessments for the year 1975-76 serve as the original base year value
Thereafter, a new base year value is established whenever a property is purchased, newly constructed or changes ownership
Kristen Spears, Placer County AssessorApril 15, 2010
What is Proposition 8? It allows the Assessor to temporarily lower the assessed value of
property
It is applied only when the market value of the total property on the January 1st lien date is less than the Proposition 13 base year value indexed at a maximum of 2% per year
Assessor can perform a proactive mass-review of properties throughout the county to help property owners avoid the need for filing appeals for property tax relief in a declining market
Year 1 $500,000 $500,000
Year 2 $510,000 $480,000
Year 3 $520,200 $510,000
Year 4 $530,604 $550,000
$500,000 P13
$480,000 P8
$510,000 P8
$530,604 P13
Example of Market Decline & Recovery Base Value Market Value Assessed Value
Kristen Spears, Placer County AssessorApril 15, 2010
News for 2010-2011 Slight Decline for P13 Property Tax Values
California Consumer Price Index (CPI) <.237%> Example:
2009-2010 P13 Value $550,0002010-2011 P13 Value $548,697
Continue Residential Decline in Value Review Program
Mass Commercial/Industrial Decline In Value Program Letters sent to property owners requesting info to review their
property value as of January 1, 2010 Current Appraisal Rent Roll
E-Filing available for Business Property Owners
Vacancy Rate Re-negotiated Lease
Kristen Spears, Placer County AssessorApril 15, 2010
Important DatesJan 1
Lien Date
Feb 15 Deadline for filing most exemption claims
April 10 2nd Secured Prop. Tax Installment Due (Treasurer Tax Collector)
May 7 Last Day to file Bus Prop Stmt without penalty
June 30 Assessment Roll Completed and Delivered to the Auditor
July 1Fiscal Year Begins
July 2-Sept 15 Appeal Application Filing Period (Clerk of the Board)
Mid July Value Notices mailed for secured roll
Start of Decline In Value (Proposition 8) Value Review Filings to Assessor
Aug 31 Unsecured Property Tax Due(Treasurer Tax Collector)
Dec 10 1st Secured Property tax Installment Due (Treasurer Tax Collector)
Dec 31 Decline In Value (Proposition 8) Request for Review Deadline
Kristen Spears, Placer County AssessorApril 15, 2010
New Supplemental Estimator
Kristen Spears, Placer County AssessorApril 15, 2010
Placer County Assessor Kristen Spears Website: www.placer.ca.gov/assessor
Telephone: (530) 889-4300 Address:
2980 Richardson Drive Auburn 95603
Contact Information
Supplemental Property Tax Estimator Business Property Statement E-Filing Customer Service Survey
Assessment Inquiry by Parcel Frequently Asked Questions Fillable Assessment Forms Assessment Roll Facts