Assessed Value Reductions Of Nevada County Properties

Published on May 16, 2008 - 5:47:07 PM

By: Nevada County Assessor Dale Flippin

Nevada City, May 16, 2008 - Recognizing that the residential real estate market has been in a decline since the second quarter of 2006, Nevada County Assessor Dale Flippin announces his office will be reducing assessed values of affected properties for the 2008-09 fiscal year. These decreases are often referred to as Proposition 8 reductions, reflecting the 1978 ballot proposition that authorized them.

Proposition 8 value reductions are temporary. Once a property receives a reduction, it is reviewed annually as of January 1 to determine if the current fair market value remains less than its Proposition 13 value. The Proposition 13 value is the property's acquisition market value plus inflation. The lower of these two values is used for property tax purposes.

Generally speaking, properties in Nevada County purchased in January 2005 and later will be affected. Actual numbers of reduced properties, and amount of decrease in assessed values, will be released within the next several weeks.

Assessor Flippin also wishes to alert the public that property owners may receive solicitations from private businesses and individuals offering assistance in this process for a fee. While property owners may retain the use of consultants, they can also apply for this reduction at no cost, by contacting the Assessor's Office.

Taxpayers may visit the Assessor's web site: http://www.mynevadacounty.com/assessor for further information or call the Assessor's Customer Service Line at (530) 265-1232.

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