This is the time of year when my office is focused on completing the work that will result in the 2022-23 Assessment Roll. Each year the reality of changes in property valuation are captured in the annual listing of all properties and their assessed values. We call the product of this effort the Assessment Roll. What we know so far is that values have risen rapidly, especially for residential property. Homeowners are selling for record-setting prices and there is an extremely limited inventory of homes available on the market. With this in mind, temporary value reductions (commonly called Prop 8) are no longer appropriate and these will be removed on those properties where this applies. Commercial and industrial properties continue to experience difficulty bouncing back from the impact of government imposed restrictions from the pandemic of the past two years.
Also adding complexity to the valuation of property are the impacts from Proposition 19 that was enacted by the voters. Under this measure, some homeowners are moving and bringing with them their lower property tax base from the home that they sold. Another part of Prop 19 is creating a nightmare of concern and confusion for property owners who intend to give their property to the next generation of family members. Severe limitations on the ability of parents to give their property to children and grandparents to gift property to grandchildren are part of the impact of Prop 19. My office is endeavoring to assist the public with the confusing and disappointing realities of this major change in the way intergenerational property transfers are handled under the law.
Service to the public is my greatest priority and we will endeavor to be as informative and helpful as possible in assisting you.