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.
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