Assessor Sue Horne would like the public to be aware that Wednesday, November 30, 2011, at 5:00 pm close of business is the deadline for property owners in Nevada County to request the Assessor’s Office to conduct an informal review of the 2011 Assessed Value (based on the January 1, 2011 lien date) of their property.
Proposition 8, passed in 1978, requires that a property’s assessed value never exceed actual market value as of the January 1 lien date. When the market value of a property on the January 1 lien date falls below the factored base year value (Prop 13 assessed value), the assessor is obligated to review the property and enroll the lesser of: the factored base-year value (Prop 13 value) or the current market value (Prop 8 value). This provides temporary relief to taxpayers in a declining real estate market. Presently, the Assessor has reduced assessed values to over 16,000 properties in Nevada County, placing the properties in Proposition 8 status and reflecting market values as of January 1, 2011.
If a property owner believes that his/her 2011 assessed value still exceeds market value as of January 1, 2011, please request a review of your property’s assessment by phoning our office at 530-265-1232 to request an informal value review form or go to our website at www.mynevadacounty.com/assessor and then click on the Request for Informal Value Review link to download the form.
Email the completed form to firstname.lastname@example.org or fax completed form to 530-265-9858. You may also visit our Nevada City office at 950 Maidu Avenue, 2nd Floor, Room 290 in the Eric Rood Government Center or our Truckee office at 10075 Levon Avenue in the Joseph Center. Office hours are M-F, 8:00am – 5:00 pm. Note: All County offices will be closed Thursday and Friday, November 24 and 25, for the Thanksgiving holiday.
Additionally, November 30 is the deadline for filing a formal appeal application with the Nevada County Clerk of the Board in order to secure the taxpayer’s right to have a formal hearing before the Assessment Appeals Board should the taxpayer’s request for a reduced value remain unresolved as of November 30. Please contact the Clerk of the Board at 530-265-1480 for further information on how to file a formal appeal.