July 23, 2024

Solano County property assessment values increase – The Vacaville Reporter

Solano County Assessor-Recorder Glenn Zook (Reporter file/Solano County)

For the 13th time in as many years, it’s good news for Solano County property owners:

Solano County Assessor-Recorder Glenn Zook on Wednesday reported that the local assessment roll for properties for fiscal year 2024-25 increased by $3.6 billion in assessed value over the past year, representing a 5.12 percent rise.

“The total assessed roll value has increased again this year, continuing a trend that started back in 2012,” Zook said in a press statement.

“The increasing roll is attributed to ongoing business investments throughout the community, new housing starts and a resilient real estate market, despite the lower market activity and higher interest rates,” he added.

At the close of the roll, the value of all assessable property in Solano reached $73.8 billion. This “net roll” is used by local agencies as a starting point to figure the distribution of property taxes that benefit cities, schools, special districts, and local programs, Zook said in the prepared statement.

Net roll consists of the “secured assessment roll” and the “unsecured assessment roll,” and makes up all the assessable property discovered, valued, and enrolled by the County Assessor, less those properties that are exempt from taxation.

The secured assessment roll is generally made up of land and improvements, such as structures, and the unsecured assessment roll in primarily made up of business and personal property, such as machinery and business equipment.

Zook reported that Solano County has 154,505 total parcels, spread between the seven cities and unincorporated areas.

Currently there are 4,353 parcels on Proposition 8 status (3,267 residential and 1,086 nonresidential parcels), which is a temporary reduction in property value below the established Proposition 13 base year value, he said.

The steady increase in property values over the past several years has reduced the number of properties on Proposition 8 status, Zook said, adding, “For context, the total number of parcels on Proposition 8 status peaked in 2012 at 78,000.”

He said that, under Proposition 13, when a change in ownership occurs or new construction is completed, property is reassessed, and a base year value is established. Afterward, annual increases are limited to a 2 percent maximum per year.

However, when the market value falls below Proposition 13 value, the market value becomes the basis for property taxes and is known as “the temporary enrollment of the Proposition 8 value,” said Zook.

Homeowners whose property values were temporarily reduced under Proposition 8 or restored to Proposition 13 status will receive a notice in the mail.

Property details can be found on the Solano County Assessor/Recorder website, at www.solanocounty.com/depts/ar/home.asp.

Property owners with questions about their assessment can contact the Assessor division of the Assessor- Recorder’s office by telephone, at (707) 784-6210, and by e-mail at Assessor@SolanoCounty.com.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. View more