For Immediate Release
July 24, 2013

Contact:   

Stephen L. Vagnini
Monterey County Assessor
831-755-5803



ASSESSMENT ROLL FOR 2013-2014 SHOWS INCREASE FROM PRIOR YEAR

Thanks to the efforts of the dedicated staff of the Monterey County Assessorís Office, Assessor-County Clerk-Recorder Stephen L. Vagnini presented a local assessment roll of $50.3 billion for the 2013-2014 Fiscal Year to Auditor Controller Michael J. Miller. The 3.7% increase in the total roll value equates to an approximately $1.8 billion in increased value from last year.

Approximately $600 million of this increase or 33% is due to the 2% Proposition 13 inflationary adjustment on properties with no change of ownership, new construction or which were not in a decline in value status. Another $400 million or 22% represents the first upward adjustment in five years of the properties that were or still are in a decline in value status. The balance of the increase recognizes changes of ownership or new construction of properties with older Proposition 13 base year values.

Monterey County Assessor Steve Vagnini noted that there are still approximately 30,000 properties that still have Proposition 8 reductions. Proposition 8, passed by California voters in November 1978, requires the Assessor to temporarily reduce assessed values when the market value of a property falls below the current assessed value.

Proposition 8 value reductions are temporary. Once a property receives a Proposition 8 reduction, its value must be reviewed as of January 1st each year to determine whether the current fair market value remains less than its Proposition 13 base year value plus inflationary adjustments. The Proposition 13 value is typically the propertyís acquisition value plus inflation factors for intervening years. The lower of these two values is the value used for property tax purposes.

Value notices are sent by the County Assessorís Office on an annual basis to property owners whose properties have had certain changes in value. During the last few years, the most common reason for a value notice is for a decline in value because the current real estate market has reduced the market value of the property below its Proposition 13 factored base year value.

Other changes which trigger a value notice are construction in progress, business property assessments and restricted values of property under the Californian Land Conservation (Williamson) Act.

Pursuant to legislation effective January 1, 2011, the Monterey County Board of Supervisors approved the assessorís request to provide assessed value notices to owners of real property and personal property via the assessor website instead of mailing printed notices. Property owners can view their value notices at http://www.co.monterey.ca.us. The notice can be searched by either assessor parcel number or by the property address.

Property owners without access to the county website can obtain a printed value notice by calling (831) 755-5035 and pressing option #3 and leaving a message. A printed value notice will be mailed at no charge. Owners can also come to the Assessorís Office at 168 West Alisal Street in Salinas to pick up their notice.

 

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Site last updated on July 24, 2013