San Rafael, CA – Marin County Assessor-Recorder-County Clerk Shelly Scott has certified the 2020 assessment roll, which represents increased growth in real estate and business property values across the county.
Visitors to the Assessor's Office need to wear a face covering and practice physical distancing from others. Most services from the Assessor can be handled online, over the phone or via email.With a total net value of $84.25 billion, the 2020 assessment roll reflects values prior to COVID-19. The date of assessments, known as the lien date, is January 1 each year. For 2020, that was prior to the pandemic and its effect on the American economy.
The roll grew by nearly $3.7 billion (4.5%) over the prior year to an all-time high of $84,247,410,458 in total net value. In addition to the values of the county’s 96,042 real estate parcels, the total amount includes roughly $1.7 billion in business property, such as boats, aircraft, machinery, and equipment.
“The strong growth in the local real estate market for the eighth consecutive year will have a positive impact on services for Marin residents, from education to health care to transportation to public safety,” Scott said.
Leading indicators for the growth in the local property assessment are increases in market value for sold properties, new construction, Proposition 13 Consumer Price Index (CPI) adjustment, and the return of many assessments that were temporarily reduced due to the recession that started in 2008-2009. The CPI adjustment is capped at 2% per year as prescribed by Prop 13.
The January 1, 2020, lien date (appraisal date) will be used to determine the assessed value for calculating the 2020-21 property tax bill that will be sent out in late September.
For the 2020-21 assessment roll, approximately 1,800 properties remain in decline (Prop 8), from approximately 22,700 properties at the height of the recession. Properties affected by these annual changes were to receive notices from the Assessor’s Office starting June 24. The office is available to respond to a property owner’s request for an informal assessment review starting in July. The Request for Informal Assessment Review form will be available on the Assessor’s website and will require the property owner to provide comparable sales, an opinion of value, and a signature. Scott said her staff will do their best to review all requests in a timely manner.
One of the most common questions asked at the Assessor’s Office these days is whether the COVID-19 pandemic will lead to decreasing home values and the lowering of property taxes. Thus far, the pandemic has not drastically affected home prices in Marin although the number of recorded sales has fallen. Should the market change in the coming months, property taxes for the following year would be affected by reduced assessed values recorded on the January 1, 2021, lien date.
Scott, a former small business owner, said she has concerns with the commercial real estate sector as small and large businesses throughout the county have been affected by the health emergency. She said her staff is committed to monitoring both residential and commercial real estate data for impacts on market value for coming years.
“We’re promoting our online, phone, and email services because they have worked out so well for both our staff and our residents during this public health emergency,” Scott said. “Making appointments ahead of time during COVID-19 emergency will help assure customer convenience. We respectfully request that our customers continue to use online, telephone, mail, and appointment options as much as possible.”
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