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The Paul Atkins Real Estate Update
November 2017

By November 1, 2017 No Comments

California / Proposition 13 replaced the practice of
annually reassessing property at market value with a system based on cost at acquisition.

Prior to Proposition 13, if homes in a neighborhood sold for higher prices, neighboring properties might have been reassessed based on the newly increased area values.

Under Prop. 13, the property is assessed for tax purposes only when it changes ownership.

As long as the property is not sold, future increases in assessed value are limited to an annual inflation factor of no more than 2%

IF they have increased the assessed value more than 2% over the last year
.
If you disagree with the Assessor’s value, you should first discuss your disagreement with the Assessor’s Office.

If the Assessor’s Office does not resolve the matter to your satisfaction, you will still have the right to file an appeal with the Assessment Appeals Board.

Appeals on regular assessments must be filed between July 2 and November 30. Appeals must be filed with the Assessment Appeals Board, Room B-4, Kenneth Hahn Hall of Administration, 500 W. Temple Street, Los Angeles, CA 90012-2770.

I hope this is helpful , let me know if you need anything

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