Santa Rosa, CA – August 9, 2018 – After the
loss of approximately $1.8 billion in assessed value due to the October 2017
Wildfires and the devastating loss of over 5300 properties, Sonoma County’s net
property tax assessment roll is now at $88,980,645,021. The increase of 4.02%
is less than last year’s roll percentage increase and indicates a downward
trend in property tax revenue growth.
combination of a strong real estate market (that included a post fire increase
in home values), the annual consumer price index increase, and the continued
restoration of assessments that were temporarily reduced during the real estate
Great Recession, which led to the 4.02% increase,” stated
Clerk-Recorder-Assessor, William F. Rousseau.
As they have in the past few years,
some residential property owners will see either an increase in assessed value
or a full restoration of their Proposition 13 base year value. Since 2007, the
Sonoma County Assessor’s office has been reviewing thousands of properties in
response to property owner requests as well as proactively reviewing assessed
values county-wide, this year adding the fire-affected properties as well. At
the height of the real estate recession, more than 62,000 property values,
approximately half of the residential properties in Sonoma County, were
temporarily reduced under these provisions of the laws. For the 2018-2019
assessment roll, only 7, 926 property assessments remain in the decline status.
Rousseau commented, “The Assessor’s office is working through unprecedented
times due to calamity-related events. We want to ensure that the public has
advanced notice of their property taxes, and stand ready to work with property
owners to explain the process.”
The 2018-2019 assessed values and
value notices are now available on the assessor’s website: www.sonomacounty.ca.gov/cra.
Taxpayers are encouraged to call the Assessor’s office at (707) 565-1888 for
further information regarding their property assessment.