Authored by Assembly Member Phil Ting, Assembly Bill 551 created the Urban Agriculture Incentive Zones (UAIZ) Act which promotes small-scale commercial or noncommercial agricultural use on vacant, unimproved or blighted lands in urban areas. Adopted in 2013, AB 551 allows cities and counties to create UAIZs, offering preferential property tax assessment to owners of eligible urban lots who agree to enter into a contract restricting the property use to small-scale production of agricultural crops and animal husbandry for a period of five years

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REVIEW DUE TO VALUE DECLINE

State law allows the Assessor to temporarily reduce the assessed value of mobile home in certain cases where the fair market value is lower than the assessed value. If this may be the situation for a mobile home you own, request forms are available to view and/or print by clicking below. They are also available by calling or writing the Assessor's Office.

THE DEADLINE TO FILE THIS FORM FOR THE 2017-18 ASSESSMENT ROLL ENDS AUGUST 1. To apply for a reduction for the 2017-18 Assessment Roll please visit the Assessor's website after you receive your notification card in June 2017.

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About Prop 8

Proposition 8 was passed in November 1978 as an amendment to Proposition 13 and implemented as Revenue & Taxation Code Section 51(a)(2). It annually caps the assessed value of property as of the lien date (January 1) at the lesser of its market value or its factored base year value.

HOW IT WORKS

Proposition 8 allows a temporary reduction when the market value of property has fallen below its factored base year value as of the January 1 lien date. Once a Prop 8 reduction has been enrolled, the property’s assessment must be reviewed annually to ensure that the lesser of the market value or the factored base year value is enrolled.

The property’s base year value continues to be factored at a maximum two percent per year, setting its maximum assessed value. As the market recovers the market value of a property will increase based on market conditions which are not restricted to a two percent growth. The value enrolled will follow the market growth rate until the market value exceeds the factored base year value and the lower factored base year is enrolled.

Factored base year value: the value established as of the date of acquisition and/or completion of new construction. This value is adjusted each year by an inflation factor. The inflation factor is the lesser of 2% or the California Consumer Price Index (CCPI) rate.

For more information about factored base year value, see Understanding Proposition 13.

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As housing supply shrinks, San Francisco, San Jose and Oakland are the nation's three most competitive markets

November 16, 2017   --   The median price for a single-family home in the nine-county Bay Area region climbed to $892,720 - up 11.1 percent year-over-year - and eclipsed the prior record of $752,000 set in June 2016, even as short supply drove down the number of homes sold. In May 2015, the Bay Area median was $700,000.

In Santa Clara County, the median was $1,242,500, up 18.6 percent over last year.

 

Click here to read full article: As housing supply shrinks, San Francisco, San Jose and Oakland are nation's three most competitive markets

 

Bay Area homes: Bay Area home prices reach record highs, but sales tumble

May 24, 2017   --    The median price for a previously owned single-family home in the nine-county Bay Area region climbed to $800,000 — an all-time high — and eclipsed the prior record of $752,000 set in June 2016, even as short supply drove down the number of homes sold. In May 2015, the Bay Area median was $700,000.

The price for the typical previously owned home was $1,050,500 in Santa Clara County.

 

Click here to read full article: Bay Area home prices reach record highs, but sales tumble

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Mills Act

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