San Rafael, CA – Assessable new construction, strong real estate sales, and appreciation of real estate values produced a 5.1% increase in this year’s Marin County's 2019-2020 Preliminary Assessment Roll.
Marin County Assessor Shelly Scott said the increase is just below last year's increase of 5.4%. The net assessed roll value, after all exemptions have been applied, will close at nearly $82.2 billion, a $4.0 billion increase from 2018-2019.
The assessment roll is a listing that includes the assessable value of all locally assessable real property, manufactured and floating homes, business property, boats, and aircraft.
Marin property taxpayers whose assessed value has changed, other than the 2.0% Consumer Price Index for 2019-2020, will be mailed notices the week of June 24. Taxpayers may visit the Assessor's website
on July 1 to view resource information and their 2019-2020 assessed value as of January 1, 2019.
An assessment roll is a listing, by property and ownership identification, that includes the assessable value of all locally assessable real property, manufactured and floating homes, business property, boats, and aircraft. The 2019-2020 Preliminary Assessment Roll, completed last week, represents property value assessments as of January 1, 2019. The Equalized Assessment Roll, produced in August 2019, will include assessment roll changes and state-assessed properties. Those values become the basis for most regular property tax bills.
In 2019, the Proposition 13 upward adjustment in the Consumer Price Index is 2.0%, which is consistent with last year’s increase. In addition to the Proposition 13 adjustment, very strong real estate value patterns over the past four years have led to continuing assessment roll growth, Scott said.
For some taxpayers whose property values were reduced since the last economic downturn, the steady market appreciation will give rise to increasing tax bills pursuant to Proposition 13 rules. The number of Marin properties with temporarily reduced values decreased 39% to 1,734 in 2019-2020, down from 2,865 in 2018-2019. For this year, 2% of the single-family residential properties in the county will still have temporary reduced values.
"The popularity of Marin County and its central Bay Area location contribute to the consistent strength of the Marin real estate market," Scott said. "Property values have largely recovered from the 2008 economic downturn and many properties have seen greater market appreciation.”
The Assessor's website has information about how assessments can change from one year to the next. There is also an explanation on how Proposition 13 assessments may increase by more than 2% from one year to the next when a previous assessed value had a temporary reduction.
Taxpayers with additional questions about their assessed values 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 31, 2019. Such reviews are conducted without charge.