Property Value Reviews
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R&T Code Section 51 states that the taxable value of real property shall be the lesser of Base Year Value or Full Cash Value. The Assessor recognizes the responsibility to enroll the appropriate values during a declining market. A Proposition 8 reduction is a form of assessment relief. It may be applied when a Property’s taxable value exceeds the current market value. For a better understanding of Proposition 8 Assessment Relief and other assessment questions, you can go to our Assessor Information/Pamphlets section.
WHAT ARE WE LOOKING AT FOR 2010
Value Reviews in Shasta County as of January 1, 2010
In recognition of the decline in the market values as of the January 1, 2010 lien date, the Shasta County Assessor’s Office made a proactive review of approximately 51,000 properties that had sold since January 1, 2001. This review resulted in the reduction on 23,375 properties and a savings of over 21 million dollars for the property owners of
A breakdown of the change percent for the 23,375 reductions is a follows:
Number of Changes % of Change Count 60% or more 660 2.83% 50% - 60% 1232 5.27% 40% - 50% 3135 13.41% 30% - 40% 5405 23.12% 20% - 30% 5599 23.95% 10% - 20% 5182 22.17% up to 10% 2162 9.25% Totals 23375 100.00%
A historical review of recent value-declines in
Value Reviews in Shasta County as of January 1, 2007
With the downturn in the housing market in evidence in mid 2007, the Assessor’s office determined that it was necessary to look at the assessable values to be enrolled for the 2007-2008 tax year. The lien date values (as of January 1, 2007) were compared to the market values, determined by analyzing sales occurring up to 90 days after the January 1st lien date. The evidence indicated that the decline in values began around mid 2007. Due to the fact that the market decline began to occur after the allowable time period for comparison to the lien date values, an extensive review was not necessary for 2007. It did however shine a light on the widespread reviews that would be necessary in 2008.
Value Reviews in Shasta County as of January 1, 2008
By January 1, 2008,
Value Reviews in Shasta County as of January 1, 2009
In recognition of the decline in the market values as of the January 1, 2009 lien date, the Shasta County Assessor’s Office made a proactive review of approximately 32,000 properties that had sold since January 1, 2003. This review resulted in the reduction on 16,400 properties and a savings of over 12.7 million dollars for the property owners of
A breakdown of the change percent for the 16,400 reductions is as follows:
%Change Number of Changes % of Change Count 60% or more 239 1.46% 50% - 60% 423 2.58% 40% - 50% 1070 6.52% 30% - 40% 3176 19.37% 20% - 30% 4929 30.05% 10% - 20% 4486 27.35% up to 10% 2077 12.66% Totals 16400 100.00%
Leslie Morgan and the entire staff of the Shasta County Assessor-Recorder strive to represent the residents of