Understanding Property Assessments: Prop 19 with Kent Meyers (Zoom Class Recording)
Property assessments play a crucial role in determining the value of real estate and the subsequent property taxes homeowners are required to pay. In this blog article, we delve into the expertise of a former appraiser from the County of Ventura's assessor's office. With experience in residential, commercial, and agricultural appraisals, the speaker transitioned to assisting property owners in challenging assessments. We explore various aspects of property assessments, such as supplemental notices, change of ownership, escape assessments, timely reporting, and the impact of Proposition 19.
The Speaker's Background and Expertise: Our speaker draws upon their extensive background as an appraiser in the assessor's office for the County of Ventura. Having appraised properties across residential, commercial, and agricultural sectors, their knowledge and experience are invaluable in understanding property assessments.
Challenging Property Assessments: Transitioning from an appraiser to an advocate for property owners, the speaker helps individuals fight or challenge property assessments. This critical role involves assisting homeowners in navigating the assessment process and ensuring fair evaluations.
Supplemental Notices and Assessed Value Differences: A supplemental notice is received by property owners after purchasing a property, reflecting the difference between the old and new assessed values. Understanding this notice is crucial, as it outlines the potential changes in property taxes based on the updated assessment.
Change of Ownership and Property Tax Base Increase: When a property undergoes a change of ownership, it can result in an increase in the property tax base. The assessor plays a role in enrolling the purchase price and assessing potential rebuttals to ensure a fair evaluation.
Timelines and Responsibilities for New Homeowners: New homeowners must understand the timeline for receiving assessments after a transfer of ownership. It is essential for them to recognize the importance of the supplemental notice and their responsibility to arrange funds accordingly.
Escape Assessments and Unpermitted Additions: Escape assessments occur when the assessor fails to identify changes in ownership or new construction. Property owners with unpermitted additions or changes may face reassessment and potential back taxes.
Reporting a Property Owner's Death: The process of reporting the death of a property owner to the assessor's office is crucial within 150 days, regardless of the type of ownership. Failure to report or act upon the death can result in escape assessments and back taxes.
Timely Reporting and Consequences: Understanding the importance of timely reporting to the assessor's office is essential. Failure to receive assessment notices due to incorrect address information can have severe consequences for property owners.
Impact of Proposition 19: Proposition 19 has had a significant impact on property assessments, particularly concerning the parent-child exclusion. If a property is not occupied by the child, taxes may be required to be paid. This change has led to potential accumulation of back taxes compared to the previous parent-child exclusion.
Challenges with Changing Ownership or Use: Sending assessment notices to the correct address becomes challenging when properties have changed ownership or use. Accurate and up-to-date information is vital to ensure property owners receive the necessary notifications.
Conclusion: Understanding property assessments is essential for homeowners. Drawing upon the expertise of a former appraiser in the County of Ventura's assessor's office, we have explored various aspects of property assessments, including supplemental notices, change of ownership, escape assessments, and the impact of Proposition 19. By familiarizing themselves with these concepts, property owners can navigate the assessment process more effectively and ensure fair evaluations.
