Valuation

Your property is valued at its full cash value as defined in Revenue and Taxation code 110 using the following approaches to value:
  • Market Approach – Value is determined by comparing market sale of similar properties. Most often used for determining value for single family residential properties.
  • Income Approach – Value is determined by capitalizing the expected income less expenses a property may produce. Most often used in determine the value of income producing properties
  • Cost Approach – Value is determined using historic or replacements costs less depreciation. Most often used for adding value for additions, or when little income and market data exists.
Depending on the purpose of the valuation a percent of the property or the entire property will receive a new value. See Change In Ownership and New Construction for details.
Proposition 13 - The basis for California’s property tax system.
  • Property is appraised then assigned a value and a base date when acquired.
  • Improvements added after the acquisition are given a separate value and base date.
  • All values are indexed by the Consumer Price Index not to exceed 2% annually.
  • The taxable value is the sum of all indexed values.
  • Property may benefit from other assessment methods if applicable.
  • If the Proposition 13 value is the lowest value, it will be used for tax purposes.
Proposition 8 - A decline in market value below the Proposition 13 value.
  • When identified by request or by the Assessor, a property's market value will be reviewed.
  • The Assessor will value the property for Lien Date, January 1st, of the tax year in question.
  • If the market value is the lowest value, it will be used for tax purposes.
  • Once a Prop 8 value has been enrolled it is reviewed automatically the following year.
Williamson Act – Land contracted with the county planning department.
  • Restricted for agricultural use for 10 years.
  • As a benefit of restricting use as agriculture, a reduced assessment is determined based on the properties potential income.
  • The Assessor will value the property for Lien Date, January 1st, of the tax year in question.
  • There is no benefit for buildings or improvements.
  • If the Williamson Act value is the lowest, it will be used for tax purposes.
Mills Act – Contracted Historic Homes
  • In return for maintaining a home in its historic state, the owner receives a reduced assessment.
  • Contracts are granted by the local governing body.
  • The Assessor will value the property for Lien Date, January 1st, of the tax year in question.
  • If the Mills Act value is the lowest, it will be used for tax purposes