As market value changes, so does your assessment. For instance, if you add a garage to your home, the assessed value increases. However should your property be permanently damaged by fire, the assessed value would decrease. Property owners have a responsibility for reporting any changes made to their property that would affect its value. When you obtain a building permit, our office is notified by the Building Department.
Market value is a product of the price paid for the property.
Since assessments must be set by market value, changing real estate values in the community will be reflected in the assessments. All property values do not change to the same degree. Many factors influence values. Properties with water or scenic views, for example, may increase more rapidly than others. The taxable value was created upon the passage of Proposal A, by the electorate in 1994.