Real Estate Values have continued to fall and Nevada County Assessor Sue Horne says many, many property owners have already contacted her office to get a re-evaluation of the stated property value, something made possible under proposition 8.
“We’ve had over 16,000 properties in what’s called “Proposition 8 Status” that have had their values reduced, that was when we closed the roll. We’re now looking at probably 17,500 that are in proposition 8 status.”
Horne says on average her office is receiving 50 to 60 requests per week to have a staff member examine the stated property value. She explains the value listed on the bills being received now reflect the value of the property as of January 1, 2011.
“What’s happened since then, of course, is we’ve seen property values drop even more and so, particularly for next year’s tax bill, we’re probably going to be seeing, for many property owners with reduced values, which means a reduced tax bill.”
Property owners have until November 30th of this year to file a formal request to have their property value re-assessed. Under proposition 13 One-percent of the value of your property is your tax bill.
Most of the money goes to the state. Nevada County keeps 14 cents on the dollar of property taxes collected. In Nevada County last year that amounted to $31 million 168-thousand dollars. The total value of properties in Nevada County is now $14-point 8 billion dollars. Nevada County property owners should be receiving their latest Tax Bill in the mail any day now. The Nevada County Tax Collectors office reported mailing them out on Friday.