Nevada County homeowners are among those around the state who will see lower property tax bills next year. Proposition 13 allows taxable values on properties that haven’t changed hands to increase by inflation up to two-percent a year. But County Assessor Sue Horne says inflation has been calculated at just one and a half percent…

click to listen to Assessor Horne

Horne says around three-fourths of homeowners are affected by Proposition 13, with the remainder still paying under Proposition 8, which allows a temporary reduction in assessed value when real property suffers a decline in value, especially during the recession years…

click to listen to Assessor Horne

But home prices have been escalating sharply. The Legislative Analyst’s Office says since bottoming out in late 2011, California’s median price has increased by 45-percent, or about 10-percent a year. And the Board of Equalization says property values are up 4-point-9 percent in Nevada, Plumas, and Sierra Counties from a year ago.
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