What is a notice of value?

A notice of value is a document issued by the local government of California that outlines the assessed value of a property for the purpose of determining its tax liability. This document is used to calculate the amount of annual property taxes due from the homeowner. It is typically sent out by the county tax assessor’s office each year. The notice of value contains basic information about the property, such as its street address, lot size, building size, and type. It also outlines improvements that have been made to the property, such as remodeling or additions to the home. A comparable sales analysis is used to determine the current market value of the property. The document also contains the assessed value of the property, which is calculated by subtracting any exemptions from the market value. Exemptions may include homeowner, veterans, senior citizens, or disaster relief exemptions. It is important to note that the assessed value of a property may be less than its market value. Once the property tax is calculated using the assessed value and the applicable tax rate, the taxpayer must pay the taxes before the due date specified by the local government of California. Homeowners who disagree with the notice of value can appeal the assessment to the local government.

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What is a notice of value?

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