The Assessor determines a new value for the property whenever there is a change in ownership or completion of new construction. The Assessor then calculates the difference between the new value and the existing value. That difference is the Supplemental Assessment Value. Once the new assessed value of your property has been determined, the Assessor sends a Notice of Supplemental Assessment.
|New value at date of change in ownership or completion of new construction
|| $ 220,000
|Assessed Value for current fiscal year
|Supplemental Assessment Value
Supplemental Taxes are calculated based on the difference (increase or decrease) in value. As a result, one or more Supplemental Property Tax Bills will be issued.
If the reassessment results in a decrease in value, a refund will be issued by the Auditor-Controller's Office. A decrease in value will not reduce the amount due on the annual tax bill. The annual tax bill must be paid in full before a refund can be issued.