San Rafael, CA- Marin County Assessor Richard N. Benson delivered the completed 2015-2016 Preliminary Assessment Roll on time to the Marin County Department of Finance this week. The net assessed roll value, after all exemptions have been applied, closed at $66.2 billion, a $4.4 billion increase (7.11 percent) from 2014-2015.
The 2015-2016 preliminary assessment roll represents property value assessments as of January 1, 2015. The final roll increase will not be known until the August 2015 Equalized Assessment Roll is completed. Values on the Equalized Assessment Roll become the basis for most regular property tax bills.
The 7.11 percent increase for 2015-2016 is up from the 5.88 percent increase last year and reflects the combination of all value changes from one year to the next. This year's increase is mostly due to robust real estate market sales, appreciation of real estate values, new construction, and a 1.998 percent Proposition 13 upward adjustment in the consumer price index. Very strong real estate value patterns over the last three years have led to the largest assessment roll increase since the 8.5 percent increase of 2006-2007.
"Fortunately, the strength of the real estate market over the past couple years has returned much of the equity lost after the 2008 economic downturn," Benson said
For many property taxpayers who received temporarily reduced values over the past several years, the rapid market appreciation will give rise to increasing tax bills due to Proposition 13 rules. The number of Marin County properties with temporarily reduced values due to the economic recovery decreased 32 percent to 9,944 in 2015-2016 from 14,636 in 2014-2015. Approximately 12 percent of the single-family residential properties in the County have reduced temporary values.
The "Announcements" section of the Assessor's website has information about how assessments can change from one year to the next and an explanation on how Proposition 13 assessments may increase by more than 2 percent from one year to the next when a previous assessed value had a temporary reduction. Marin County property taxpayers are being mailed notices this week if their assessed value has changed other than the limited consumer price index for 2015-2016. Taxpayers who do not receive a written notice may visit the Assessor's website on July 1 to view resource information and their 2015-2016 assessed value as of January 1, 2015.
Taxpayers with additional questions about their assessed valuation may call the Assessor's office at 415-473-7215 for assistance, including how to obtain a form to request an informal assessment review. Requests for review may be filed with the Assessor from July 1 through October 30, 2015. Such reviews are conducted without charge.