What is an assessment increase?
An assessment increase is a hike in the value that the government assigns to a property for taxation purposes. It is a change in the estimated market value of a property that is used to calculate the amount of taxes due and owed. In the state of California, the assessed value is determined by the county assessor and can be appealed if the property owner believes it is inaccurate or too high. When a county assessor raises the assessed value of your property, it results in an assessment increase. This increases your property tax bill because the amount you owe is based on the assessed value. For instance, if your property was assessed at $100,000 and the county assessor increases the assessment to $120,000, you are now responsible for higher taxes. It’s important to note that assessment increases are not the same as property taxes. Assessment increases simply raise the value of your property for taxation purposes; it doesn’t result in an immediate increase in the amount of taxes you owe. Property taxes increase when tax rates are raised, not when assessed values increase.
Related FAQs
How can I calculate my property tax rate?How is a property tax assessment appeal decided?
What is a property tax lien?
How can I appeal my property taxes to the tax authorities?
What are the local and state laws surrounding property taxes?
What is a homestead exemption?
What is a property tax freeze?
What are the common exemptions to property tax?
What is tax lien foreclosures?
What is an appraisal district?
Related Blog Posts
A Guide to Understanding Property Tax Laws - July 31, 2023Comprehensive Overview of Property Tax Regulations - August 7, 2023
What Every Property Owner Should Know About Property Tax Laws - August 14, 2023
Calculating Property Tax Liability in Simple Steps - August 21, 2023
Exemptions and Deductions: Lowering Your Property Tax Bill - August 28, 2023