Assessor’s Office Announces Property Tax Reduction
More than 8,000 property owners in Alameda County are about to get a reduction in their property taxes, according to an announcement issued by County Assessor Phong La on Thursday, June 22.
“After careful review of home sales data, we determined that 8,352 property owners who recently purchased homes throughout Alameda County will receive a reduction in their property taxes,” La’s announcement stated. “We worked with BRIDGE Association of Realtors and Bay East Association of Realtors to gather the necessary data to make the determination.”
Reductions will range from 5% to 10% depending on the city and community for most homes purchased between January and October 2022.
“It is our goal to get the most accurate value possible when making assessments,” La stated. “We are grateful to the staff of both BRIDGE and Bay East for helping us compile the market data needed to make these assessment reductions.”
In addition to the residential property reductions, the Assessor’s Office granted reductions to 2,274 manufactured homes and 121 commercial/industrial properties. Total assessment values were reduced as follows:
8,352 residential properties = $900,634,331.
2,274 manufactured home properties = $23,735,632.
121 commercial or industrial properties = $170,144,955.
Proposition 8 is a California constitutional amendment that allows a temporary reduction in assessed value when a property suffers a decline in market value. For property tax purposes a decline in assessed value occurs when the current market value of your property is less than the assessed value as of lien date, January 1st.
“The Assessor makes every effort to consider declines in value and to assess all property at the lesser of market value or factored base year value each year without the need for individual owners making an informal request or filing a formal appeal,” La’s announcement stated. “Alameda County has been and will continue to be proactive in reviewing assessed values to ascertain whether temporary reductions are warranted.”
For more information on Proposition 8, the Alameda County Assessor’s Office website.