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Sacramento Chapter

Tuesday June 12th, 2012 (flyer)

$31.00 for members

Home Inspection

(2 Hour CE - OREA#06986C116)

Pre-registration open until 06/10/12.

Tuesday July 10th, 2012 (flyer)

$31.00 for members

Realist

presented by Metrolist MLS

(2 Hour CE OREA#07986C120)

Pre-registration open until
7/3/12.

Tuesday August 14th, 2012 (flyer)

$31.00 for members

Review of the Appraisal

(2 Hour CE - OREA#pending)

Pre-registration open until
08/7/12.

Communication

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News

GAO Appraisal Subcommittee Report 01-18-2012

 

Group Health Care - Coming soon.

Jan 2012


 

   
(Photo by J. Mark Hunt )


REAA's Jim Overton (holding his award) celebrates his Lifetime Achievement award with fellow Corporate board members: Janice McNally, Vicki Keeler, Curt Thor and Mark Lindsay.

 

   
(Photo by J. Mark Hunt )


REAA Sacramento Chapter President Bill McKnight presents Jim Overton with his Lifetime Membership award.

 

  Bill Silva and Bill Rousseau
(Photo by J. Mark Hunt )

April 2012 REAA Dinner Meeting
“Appraising for Assessment Appeals”

Bill Silva, from the Sacramento County Assessor’s Office, and Bill Rousseau, from the Sonoma County Assessor’s Office, gave a great presentation about assessment appeals and answered questions from our group. Thank you to Bill and Bill for all the great information.

The Basics:

Prop 13 established a “Base Year” as 1975 for the year the property transferred or had new construction. The “Base Year Value” is increased by an inflationary factor not to exceed 2% each year, creating a Factored Base Year Value (BYVF).

Prop 8 allows for a temporary reduction in the assessed value of real property when market value declines below the property’s BYVF. The Prop 8 adjustment is NOT subject to the 2% increase limit; therefore the assessed value can return to the BYVF at any rate, but cannot increase over the BYVF.

Important Dates and Rules:

· Assessment Appeals may be filed between July 2nd and November 30th
· Assessments are based on the value of the property as of the prior January 1st
· Comparables used must have sold no later than March 30th of that same year
· A review of assessed value may be requested at no fee; a formal Assessment Appeal is $30.

Examples of assessments involving properties declining in value are available on the Sacramento County Assessor’s Office website at:

http://www.assessor.saccounty.net/DeclineinValueReassessments/SAC_ASR_DF_Decline_Value

and on the Sonoma County Assessor’s Office website at:

http://www.sonoma-county.org/assessor/

By law, all assessment appeals must be resolved within a two year time period. If a prior year is not yet resolved and it is within the filing period for the following year, a new appeal should be filed for that year in order to protect the property owner’s appeal rights.

Tips for Appraisers:

· Help educate the owner about Prop 13, Base Year Values, Market Value, and the difference between Prop 8 (decline in value) and Base Year appeals

· Use a general purpose form – not a Fannie Mae form

· Meet with the Assessor well before a hearing date has been set

· Bring 7-10 copies of your report and any other materials to the hearing – including a current resume

· Don’t ask questions that you don’t know the answer to

· Dress professionally, act impartially, and keep emotion out of it!

· You may attend a hearing prior to appearing – they are open to the public. Or, check out this video:

http://www.boe.ca.gov/info/AssessmentVideo/AppealAssessmentIndex.html

· Remember, all documents submitted to the Appeals Board (including your appraisal) become public documents…

Additional Reminders courtesy of REAA Member Ryan Lundquist:

· The Appeal deadline for Placer County is earlier – September 15th!!!!

· Don't worry about listing the land value in typical Prop 8 decline situations

· The Prop 8 Decline in Value form is free and turned into the Assessor's Office on Power Inn Road. This form is NOT an appeal. If a home owner only fills out this form and the deadline to appeal on November 30 passes, there is no recourse for the owner (an appeals hearing is not possible by filling out only the Prop 8 form). Make sure to encourage use of the Application for Changed Assessment (formal appeal) form before November 30 comes. Property owners can try the free Prop 8 form, but they should file a formal appeal if they have not settled with the Assessor before November. The Application for Changed Assessment is mailed or turned in to the Assessment Appeals Board in Downtown Sacramento.

See more of what Ryan has to say on the REAA Forum on Yahoo groups (topic: Property Tax Tidbits), or here: http://sacramentoappraisalblog.com/category/property-taxes/


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