August 6, 2016 – Nevada County’s assessed values grew 4.8% last year, a positive reflection of the increase in property values. The county’s locally assessed value for the 2016/17 assessment year totaled $17.3 billion, up $790 million from last year’s $16.5 billion. This increase reflects a positive upward trend in our county’s real estate market.
Grass Valley saw the largest percentage growth in assessed values with a 5.5 % increase over last year, resulting in a total net value of $1.5 billion. Nevada City’s secured assessed values totaled $500 million, reflecting a 4.9% increase over 2015. Truckee’s values experienced a slightly smaller increase with a 4.8% adjustment totaling $5.8 billion in assessed value. The county’s unincorporated area also saw an increase in values totaling $9.2 billion, a 4.8% increase over the prior year.
Under Proposition 8, the Assessor is required to annually review lien date (January 1) fair market values to determine whether a value adjustment is warranted on properties which previously received a temporary reduction due to the prior economic downturn. The assessor must restore value to a property to reflect an improvement in local real estate values up to the property’s Proposition 13 factored base year value. The Proposition 13 factored base year value is typically based on the fair market value of your property when it was acquired, plus any subsequent assessable new construction, and then adjusted for inflation by no more than 2% per year.
Nevada County has approximately 11,800 properties remaining in reduced Proposition 8 status, down from over 16,000 properties in 2010. These Prop 8 properties represent 18% of Nevada County’s parcels. Property owners whose 2015 assessed values were in Prop 8 status will likely see an increase to their 2016 assessed value reflecting the increase in fair market values this past year. For the remaining 47,000 properties on Prop 13, property owners will see a 1.525% increase in their assessed value this year which reflects this year’s state determined inflation rate.
All property owners can immediately view their 2016 Assessed Value by visiting www.mynevadacounty.com and clicking on the Find My Assessed Value link on the Assessor’s web page.
In order to save taxpayer costs of mailing paper copies of Value Change Notices, these notices will also be posted on the Find My Assessed Value link for those properties whose assessed values have changed other than those adjusted only by this year’s inflation rate. For those who do not have internet access, you may request a printout of your 2016 Assessed Value or Value Change Notice by contacting the Assessor’s office at (530) 265-1232 or at firstname.lastname@example.org.