The total assessed value of residential and commercial properties in Nevada County rose 5.11 percent for the 2014-15 fiscal year, the county assessor’s office said.
Nevada County Assessor Sue Horne said the increase brings the county’s net assessed value for this year to a total of $15.7 billion, up from $14.9 billion last year.
“This is a healthy increase in property values as of the Jan. 1, 2014, lien date,” Horne said.
“The increase reflects the overall positive upward movement in our local real estate market throughout the county last year.”
Nevada City had the largest percentage increase in value, rising 5.99 percent — and representing $467 million in assessed value — over 2013.
Grass Valley properties’ assessed value rose 5.34 percent, representing $1.33 billion.
Truckee saw a net 4.77 percent increase, totalling $5.2 billion.
In the unincorporated areas, the assessed values increased 5.4 percent, representing a total value of $8.37 billion.
Of the approximately 64,000 residential and commercial properties in Nevada County, about 49,000 are in what Horne calls Proposition 13 status, meaning that their values have not dipped below the baseline assessment established when the owners acquired the properties.
Assessments for those properties will rise 0.454 percent this year — well under the annual maximum increase of 2 percent capped under Proposition 13.
“Property owners will see a 0.454 percent increase in their assessed value this year, reflecting this year’s inflation rate, which is lower than the typical 2 percent maximum inflation factor allowed under law,” Horne said.
For the 15,000 remaining properties whose values have dropped in the last few years, they fall under Proposition 8. Proposition 8 allows for reduced assessments if the assessed value of a property falls below its initial baseline assessed value.
Of those 15,000, Horne said 800 properties were returned this year back to Prop. 13 status, meaning their assessed values increased back to their baseline assessment.
The remainder of the Prop. 8 properties will stay at reduced assessments, but there will still be a rise in their assessed values.
“Most property owners whose 2013 assessed values were in Prop. 8 status will see an increase to their 2014 assessed value, reflecting the increase in fair market values in the local real estate sold last year,” Horne said.
Under Prop. 8, the increase in assessed values is permitted to be greater than the 2 percent cap allowed under Prop. 13, when the properties that have been reduced regain their assessed value.
(To see an example of how Prop. 8 and Prop. 13 would affect a hypothetical $200,000 property that fluctuates in value over the years, see the accompanying graphic.)
Notices of Assessed Value will be mailed this month to property owners whose assessed values have changed, other than those adjusted only by the annual inflation factor, Horne said.
Additionally, property owners can immediately view their 2014 assessed value by visiting www.mynevadacounty.com/assessor and clicking on the Find My Assessed Value link.
Property owners can contact assessor staff at (530) 265-1232 or (530) 582-7825 (Truckee) or at email@example.com. us for any questions regarding their property assessment.
To contact Staff Writer Keri Brenner, email firstname.lastname@example.org or call 530-477-4239.
This story was updated on Thursday, July 17, 2014, to correct the amount of the Truckee assessed value increase.