Saturday, May 5, 2007
Property Taxes Soft
Sacramento County has lowered property tax assessments on 50,000 homes this year. Owners tend to complain when they are being assessed on values higher than what the market is supporting. Beware though, there are catch up provisions in Prop. 13. 2% increases per year is the maximum. If values are flat for a few years and assessments are flat, that is only temporary. The assessor will add up those 2% increases cumulatively when values rise above the missed increases. This happened earlier this decade.