Thanks! However, the tax assessment never changed. $300k every year.
My interpretation of Prop 13 was that they could only raise property assessments 2% annually. I was surprised with the notice of an increased assessment of over 4% in a single year.
According to Stan County document I linked earlier, the 2% increased assessment ceiling occurs every year, whether or not property appreciates or depreciates. Does this sound right?[/quote]
Yes. That is correct. But you just said your $300K assessment has not changed since you got your first full-year tax bill (2010/11 fiscal year?)
Your assessment should have gone up 2% per year in accordance with Prop 13. HOWEVER, apparently the assessor in your case decided to leave your assessment the same as your purchase price, that is, until FY 14/15, for which you just rec’d your Prop 8 letter.
Your total assessment (of land + improvements) should have been (approx):
For FY 2010/11: $300,000
For FY 2011/12: $306,000
For FY 2012/13: $312,120
For FY 2013/14: $318,362
For FY 2014/15: $324,730
So, unless you’re sure you can’t sell your property today for $313K, then don’t worry … be happy. You’re still getting a break and may get another Prop 8 letter adjusting your assessment as high as $331,224 next July (for FY 2015/16) :=)
