Sacramento County property values fall 6 percent - Sacramento Business Journal:

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billion — $9 billion less than in the last tax according to AssessorKen Stieger. The 6.4 percent one year after a 15 percent increase in reflects the declining real estate valuexs inthe region. This is the first time the tax roll value has fallen sinceProposition 13, which puts a limit on the increasee in property taxes, was passexd in 1978. The Assessor’s Office reduced the assessee valueson 170,000 homes undere 1978’s Proposition 8, whicu authorized assessment reductions when the fair market value is less than the base value underr Prop 13. Most of those decreases, whicb were between 10 percent and50 percent, were on homes boughtg after 2002.
The reductions will show on property owner’s October 2009 tax bill. Propertiesz with assessments that were reduced underr Prop 8 will be reviewedc every year to ensure their valuer remains below the Prop 13 base When the real estatemarket recovers, the propertgy will again be assessed undetr Prop 13. About 230,000 parcels in the count y won’t receive assessment reductions. Property owners can find theird updated assessed value information onthe assessor’s Web site, assessor.saccounty.
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