With property values declining over the past year and annual tax bills recently sent to property owners, Mono County has been receiving numerous questions about reducing property values, according to Assessor Jody Henning.
"We are obligated to ensure that property owners are not assessed at a value greater than the current fair market value of their property," she said.
California law allows the assessor to temporarily reduce assessed values to reflect declines in market value.
"The difficult task is determining which assessments should be reduced and which assessments should be left alone," Henning said.
In California, all properties are protected under the provisions of Proposition XIII which allows assessed values to increase no more than 2 percent annually.
However, like Nevada, property values in Mono have increased more than the 2 percent inflation factor.
Henning said that during some years properties may have increased in value as much as 20 percent a year.
"In that case assessed values can be considerably lower than the current fair market value," she said. "The longer you have owned your property the more likely you are in this position."
Henning said her office will begin by identifying all sales and newly built properties occurring since Jan. 1, 2005.
Then they'll analyze sales of comparable properties up to one year prior to and three months after the Jan. 1, 2009 lien date.
"For a reduction to be in order, properties with characteristics similar to the property being considered must have sold for less than the current assessment," she said.
Questions may be directed to the assessor's office at (760) 932-5510 or e-mail us at Assessor@mono.ca.gov.
