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Feather River Bulletin
Quincy, California
April 7, 2010     Feather River Bulletin
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April 7, 2010

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Feather River Bulletin Wednesday, April 7, 2010 5A Traci Bue Delaine Fragnoli Managing Editor With property taxes due this week, homeowners are probably thinking about prop- erty values and the associated taxes. Property reassessment is one way to bring relief to strapped homeowners in to- day's troubling economic times. Many homeowners have the option of applying for a Proposition 8: "Decline in Value" review. Proposition 8 is a temporary reduction in assessed value when real property suffers a decline in market value. Before property owners beat a path to the county as- sessor's office, a small caveat must be met for a Proposition 8 review to be beneficial: The current market value of the property must fall below the factored base-year value (the market value as established in 1975, or when the property was subject to new construc- tion or change of ownership). Before 1978, home values were assessed at current mar- ket values each year, making homeowners subject to the whims of the economy and reaping huge revenues for county coffers in times of dra- matic real estate growth. During the hyperinflation of the '70s, many homeowners were taxed out of their homes. To keep skyrocketing proper- ty taxes in check and limit lo- cal government's ability to raise revenues from this tax, voters passed Proposition 13 in 1978. Proposition 13 ties proper- ty taxes to the purchase price instead of the current market value and limits assessed val- ue increases to a maximum of 2 percent for inflation, adjust- ed annually. For the first time in the 32 years since Proposition 13 passed in 1978, the California Consumer Price Index ran in the negative in 2009. All Propo- sition 13 base year values will actually be lowered by .00237 percent on the 2010- 11 tax roll, regardless of whether the property qualifies for Proposi- tion 8 treatment. Taxpayers will receive no- tices about the adjustments made under Proposition 8 as- sessment in mid-July to early August. Proposition 13 also set a countywide proporty tax rate cap at 1 percent of as- sessed property value unless voters approved other special assessments. The assessment method fa- vors longtime homeowners. Owners of identical properties can pay vastly different taxes, based solely on when they purchased their properties. Proposition 13 reassess- ments generally aren't made unless homeowners add on to property or a change in own- ership occurs. Then, a reap- praisal is conducted that es- tablishes a new Proposition 13 standard for the property. If a property has increased in market value since it was purchased or built, it will con- tinue to be assessed at the Proposition 13 'value until its current market value falls be- low the Proposition 13 base- year factored value. When it does, homeowners can apply for a Proposition 8 assessment. Proposition 8 reductions in value are temporary. Once a Proposition 8 value has been enrolled, a property's value must be reviewed each follow- ing Jan. 1, to determine whether its current market value is less than its Proposi- tion 13 factored value. Proposition 8 requires the assessor to compare each property's factored base-year value with the current market value, and enroll the lesser of the two each year. Proposition 8 values can change from year to year as the market fluctuates, and are not restricted by the Proposi- tion 13 maximum adjustment of 2 percent. However, a Proposition 8 property may not be assessed at a value greater than its Proposition 13 factored base-year value. Once the market value of a Proposition 8 property exceeds its Proposition 13 factored base- year value, the Proposition 13 By the Numbers ... Property Re.assessment Assessed value calculation fdr home purchased in 2003 for $135,0000 Increased value 2% 2004 = $137,700 Market Value $145,{)00 Increased value 2% 2005 = $140,454 Market Value $160,000 Increased value 2% 2006 = $143,263 Market Value $160,000.. Increased value 2% 2007 = $146,000 Market Value $155,000 Increased value 2% 2008 = Market Value $149,050 $140,(}00 In this example, the taxpayer would be assessed at the Proposition 13 value until 2008 when the market value falls below the Proposition 13factored base-year value. III Everyone is invited to kick up their heels and have some fun! S5/class Saturday evenings 7pm at Feather River Grange * 55 Main St., Quincy Monday evenings 7pm @ Greenhorn Creek Guest Ranch * 2116 Greenhorn RanCh Rd., Quincy For more information, contact Sara @ 283-0930 I Give yourself Let us design the perfect pat/o for your home We can do it all: Screened Room Patio Enclosures Retractable Awnings -Pergolas Patio Covers Free Consultation Ucensed & Insured Local Family Owned & Operated LITCltF1EL] ~t I... [ [~ ~.) ~.~ .R. ~ Lic. #368255 I II II I Ir . for more mformauon i 530-284-1993 Ilfl I I I I II I "11 I I[111 I I -II value is reinstated, annual increase), increasing He adds his office is cur-The'Request, for "Decline in For example: Say a $300,000 the assessed v lue by 5 per- rentl.y reviewing market data Value" Review form for the: property had been reduced cent is legal. The 2 percent to determine what adjust- 2010-11tax year is also avail under Proposition 8 to the Proposition 13 limitation ap- ments are appropriate for.the able on the assessor's website::i current market value of plies only to the factored base- 2010-11 tax year. The deadline for filing these $250,000; then reviewed the year value. Preliminary market indica, requests is Dec. 31, 2010. i following year when the mar- Plumas County Tax Asses- tors demonstrate additional For more information aboutl ket value increased by 5 per- sor" Chuck Leonardt said his adjustments will be necessary property taxes and ProposiZ cent, the value for that year office proactively reduced ap- in many areas throughout the tion 8 value reductions, referi would be $262,500. proximately 5,000 assessments county, to the assessor's website ati Because the current market in the 2009 - 10 tax year due to Property owners can Clicki value is less than its current current market conditions, an ate a review of their assessed on county departments, then! factored base-year value of increase over the 3,600 reduc- value by contacting the asses- on Assessor. Look under $306,000 ($300,000 + 2 percent tions made the prior year. sor's office at 283-6380. forms for the document. # Hew cers ,Quincy Elks 1884 held its 57th officer installation Saturday, March 27. More than 40 people attended. Front row, from left: Chaplin Dude McMaster, Esteemed Lecturing Knight Ken Allen, Exalted Ruler Pat Mealy, Esteemed Loyal Knight Troy Williams and Inner Guard Chris Wilson. Back row, from left: Fourth Year Trustee Dave Saltel, Treasurer Patty Allen, Secretary Kevin Correira, Dennis Allen, Tiler Scott Marshall, Esquire Andy Anderson and Fifth Year Trustee Ron Barker. The American Valley 4-H girls served a dinner ofsteak or salmon. PER Kevin Correira was chosen Officer of the Year, PER Norm Adamson was chosen as Elk of the Year, and Melissa Lancaster was chosen for the Elks Citizen of the Year award. Photo courtesy Quincy Elks 1884 Dave Sims Start mming for beautiful summer trees/ Licensed by the California State Contractors Board &Fully Insured Crane Removal 283-2194 Located in Quincy Lic. Timber Oper. #A543 Ca. Lic. #678121 e with Heather! ]'~2~ ~ Tuesday-Sunday, d~1-'~'nngf~ Stop in for all your garden needs or just stop in and say hi. Anderson's Garden Center 191 Bonta Street Blairsden, CA 530-836-254 Richard K. Stockton, CLU ChFC, Agent Insurance Lic. #0[368653 Providing Insurance & Financial Services 65 W. Main St., Quincy, CA 95971 (530) 283-0565 Fax (530) 283-5143 WE LIVE WHERE YOU LIVE Open an IRA by April 15. An IRA could reduce your taxes and it's a great way to invest in your future. Like a good neighbor, State Farm is there." CALL ME TODAY. If you want to send a letter to the editor, please send it here: , "11 , ~ ,~ The Pioneer Quincy Parent Cooperative Organization (PCO) would like to extend a huge to everyone who made this year's Springfest a huge success. A special thank you to Frank and Amy Carey, all our parent volunteers, the Quincy High School S Club for staffing the booths and the Quincy Roller Derby Team who spruced up our kids with their face painting and hair spraying skills! Carey Candy Co. D & L Distributing Gray's Flower Garden Feather River Fitness Pangaea .High Sierra Professional Massage Great Northern Hair Co. All the Best Video Pizza Factory Native Touch Massage Little People (The Toy Store) Susan Brandes and Creative Memories Forest Stationers Mountain Building Supply and La Sierra Lanes The Finishing Touch Quincy Drug Ayoobs by Two Sisters American Valley Hardware Cascade Mountain Coffee Company Plumas Massage Therapy Hugh's Barber Shop Safeway Polka Dot Sav Mar Foods Dunn's Coffee and Fine Teas Bucks Lake Marina Champions Pizza Nate Brown Chase Nieman , Christopher Nieman Katie Barnes Rachel DuPont Kyonna Carey We Appreciate You/