Assessed property values down, but no dramatic impact anticipated

Nevada County’s assessed property values have slowed this year from previously, but county officials are not expecting it to have a dramatic effect on their ability to provide basic services.

The rate of growth in assessed values from property taxes has slowed from about 7 percent in the 2007-’08 fiscal year to 4 percent projected in 2008-’09, said Joe Christoffel, assistant county executive officer. Assessed property values stood at $16.5 billion in June 2008, the latest figure available.

“There’s no question property tax growth is slowing, and we’ve made adjustments in our budgets to reflect that,” Christoffel said.

The county has lowered its health-insurance costs to help guard against any shortfall in revenue, he said.

The county also has $3.4 million in reserves that are set aside, partly for any dramatic slowing in the growth of property-tax revenues, Christoffel said.

This year, the county has lowered the assessed value on 5,500 residential properties in the county, to reflect lower property values, said Assessor Dale Flippin. In one example, the Save Mart supermarket in Grass Valley is asking for a hearing on Monday to have the store’s assessed property reduced from $10 million to $7.8 million.

Flippin said the assessments from 2008 won’t fully be known until next July, when the fiscal year ends.

To contact Staff Writer David Mirhadi, e-mail dmirhadi@theunion.com or call 477-4239.