When Is Property Reappraised?

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How Values

REAL PROPERTY APPRAISAL

Under Proposition 13, real property is appraised only when:

- A change in ownership occurs; or

- New construction is completed; or

- New construction is in progress on January 1 (lien date).

- Properties whose Base Year Value exceeds Market Value are reappraised on January 1 to the current market value.

Except for these three instances, property assessments cannot be increased by more than 2% annually. Also under Proposition 13, the property tax rate is 1% of a property's assessed value, plus any bonds or fees approved by the voters, which can add substantially. The average tax rate in Yolo County is currently about 1.02%

NEW CONSTRUCTION

BUILDING AN IMPROVEMENT: If you own a parcel of land and build a structure (a house, outbuilding or garage), this will usually increase the value of the property. California statutes refer to such structures as improvements. The Assessor is required to add the value of these improvements to the assessment roll. The land value will not usually be changed due to new construction of a structure.

ADDING NEW AREA: If you increase the living area of your home you have completed "new construction." Since new construction typically increase the value of a property, the Assessor must add the value of the addition, but only value associated with the new addition.

Q: If my construction is not complete by January 1, will I be assessed?

A: Yes. We will review the work on or about January 1, and you will be assessed on the value of the work completed.

Q: I plan to add another room on my home. Will you reappraise my entire property?

A: No. Only the value of your new addition will be added to your current assessed value.

MAINTENANCE

To maintain your property's current value, you might need to paint your home or make some repairs. Typically, normal maintenance (such as painting or a new roof) would not cause a reappraisal and there would be no new assessment added by the Assessor.

REHABILITATION: A complete rehabilitation of a property, which makes it substantially the equivalent of new or changes the use of the property, is considered new construction and does require reappraisal.

Market Valuations (Prop 8 Values)

Sometimes the market value of a property on January 1 falls below the factored base year value established when the property changed ownership or was newly constructed. The Assessor is obligated to review these properties and enroll the lesser of the factored base year value or market value. In the case of establishing a new market value from one January 1 to the next, properties may increase by more than the standard 2 % maximum. However, increases will always be limited to no more than the factored base year value.

 

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