As your Assessor, I am pleased to report that Nevada County’s assessed values grew 6.26% last year, a positive reflection of overall property value growth despite some recent headwinds. The county’s locally assessed value for the 2023/24 assessment year totaled $25.7 billion, up over $1.5 billion from last year’s $24.2 billion.
The county’s unincorporated area saw growth in assessed values with a 4.53 % increase over last year, resulting in a total net value reaching $13.46 billion. Grass Valley experienced a 5.31% growth with its secured values totaling $2.14 billion. Nevada City’s assessable property values totaled $785.7 million, reflecting a 5.88% increase over 2022. The Town of Truckee saw a 9.14% upward adjustment totaling $9.38 billion in assessed values.
Under Proposition 8, the Assessor must annually review lien date (January 1) fair market values to determine whether a value adjustment is warranted on properties that have received a temporary reduced value in a prior year. Values to those properties may be adjusted upward 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% yearly.
Given the mixed market of value increases and decreases, approximately 5,300 properties were added to the Proposition 8 roll thereby receiving reduced tax assessments. This has resulted in a total count of approximately 8,000 Proposition 8 properties.
For the remaining 54,700 taxable properties on Prop 13, property owners will see a 2% increase in their assessed value this year which reflects this year’s state-determined inflation rate.
Please contact the Assessor’s office with any assessment question you may have by emailing us at assessor@NevadaCounyCa.gov or calling our office at 530.265.1232.