Nevada County assessor to reduce some property tax values |

Nevada County assessor to reduce some property tax values

The Nevada County Assessor’s office will reduce assessed values of properties for the 2008-09 in cases where market values have declined, county Assessor Dale Flippin said Friday.

The reductions recognize the residential real estate market has been in a decline since the second quarter of 2006, Flippin said.

“Generally speaking, properties in Nevada County purchased in January 2005 and later will be affected,” Flippin wrote. “Actual numbers of reduced properties and amount of decrease in assessed values will be released within the next several weeks.”

The value reductions are temporary. After a property receives a reduction, it is reviewed each Jan. 1 to determine whether the fair market value remains less than its Proposition 13 value – the property’s value at the time it was acquired, plus inflation.

The lower of these two values is used to calculate property taxes.

Property owners may receive solicitations offering assistance in this process for a fee, Flippin said. “While property owners may retain the use of consultants, they can also apply for this reduction at no cost by contacting the Assessor’s Office,” he wrote.

Visit the assessor’s Web site at or call 265-1232.

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