On July 1, in a letter to the Board of Supervisor, County Assessor Gus Kramer delivered the 2013-2014 County Assessment Roll. The assessor estimates the value of each parcel of real property (with the general exception of schools, churches and charities) in the county. Real property is the combination of land and any structures on it. Every vacant lot, apartment complex, strip mall and home has a value; the assessor estimates that value based on current real estate values. The assessor compiles all of these property values into an assessment roll, which is a master list of the value of all the real property in a given county or jurisdiction.
In his letter Mr. Kramer stated:
The increase to the local tax base for 2013-14 is over $4.87 billion. This represents a 3.45% increase in assessed value and brings the total local assessment roll to over $146 billion, just 6.92% away from Contra Costa County’s record assessed value, which was set in 2008.
Richmond had the only percentage loss in assessed value at 14.61%. Cities with the largest increases in assessed value from prior year include Brentwood at 8.45%, Clayton at 8.24%, Oakley at 7.44%, Walnut Creek at 7.38%, and Antioch at 7.34%.
Contra Costa County real estate continues to improve from the recent decline in the economy. The County assessment roll now consists of 365,128 parcels, an increase of 284 over the previous year.
Owners whose properties changed in assessed value will get a notice with their 2013-14 tax bills, which will be sent in October.
A heads up here – The California Constitution limits the annual property tax rate to 1 percent of assessed value at purchase time and then allows for an annual 2 percent of the 1 percent increase unless the market value of a property falls lower. When that happens, Proposition 8, which also passed in 1978, allows the property to be temporarily reassessed at the lower value. However, as the value of the property rises, the assessed value and resulting property taxes may increase more than 2 percent a year up to the annually adjusted Prop. 13 cap.