County Assessor’s notices of re-assessment of residential and commercial properties have started to be sent out. The house assessments are now being assessed at .1% of value. If your re-assessment is 498 the assessor is valuing your home at $498,000. Because the residential assessments were really being valued at .14% the new ratio increases the assessor’s estimate of value by almost 40%. That means the same assessment as last year is actually a 40% increase. What is the effect on taxes – no one knows now. The new assessment affects next year’s tax bill – not now.
Confusing assessment – it sure is and means you must have your value checked and protest the new assessment this January.
Let the taxpayer beware!