If you live in Fresno County, one of the few bright spots in the down economy for you this year might be a flat property tax bill.
County assessors say that most residents won’t find any nasty surprises in the fall Fresno County property tax bills.
That’s primarily due to the continuing recession and the ongoing depressed real estate market.
Last year, the County had to scramble to reduce assessments on a large number of homes that were purchased during the boom years. Fresno County and neighboring counties reassessed thousands of homes to provide property tax relief for owners who experienced a significant drop in the value of their home since 2007.
Fresno County assessors have stated that people who bought their homes at the peak of the real estate boom and had their assessments reduced last year won’t see any increase in their property tax bill this year.
These adjustments to Fresno County assessed home values are required under both Proposition 13 and Proposition 8 in California. The provisions of Proposition 13 protect homeowners from unreasonable increases in property assessments during periods of rising home values, while Proposition 8 provides relief to bring assessed home values down during periods of falling prices. The requirement of Proposition 8 helped bring about the reassessment adjustments last year.
In Fresno County, declining property tax assessments haven’t produced meaningful reductions in the annual tax bill. Most counties including Fresno County have adjusted property tax rates to avoid large decreases in revenue each year.
Fresno County assessors seem content to point out that there won’t be any unexpected increases in property tax bills. But where are the meaningful decreases to the property tax bills that should be happening? They are nowhere to be found – both in Fresno County and across the country.
As always, to find out if you’re overpaying your property taxes visit ValueAppeal.
