South of Sunnyside

The rapid decline in property value throughout the neighborhood has few consolations, so it’s a (small) bit of relief that the County of Fresno has taken the initiative to reassess property taxes. News of the current value came this week on a small card this week, with two figures: the Assessed Value (Prop 8) and the Factored Base Year Value (Prop 13).

From the back of the card:

California law requires that the Assessor annual reassess all properties previously valued under the requirements of “Prop 8″ and to enroll the lesser of the factored base year value (Prop 13) or the current market value (Prop 8). While your “Prop 13″ value may increase a maximum of 2% per year, there is no such limitation on the “Prop 8″ value. Consequently, your new assessed value may have risen more than 2% over last year’s value. However, your assessment can never exceed your factored base year value (Prop 13).

If it’s not obvious from reading this (and not reading the valued on the card), Kim and I will be taxed on the “Prop 8″ value of the property, which is currently $93,000 less than what we paid for it three years ago.

Actually, that number might be a bit off; Zilllow shows a loss of $105,000, and a comparison to recent sales in the neighborhood comes in about $20,000 higher than that…

Oh well, looks like we’re here for a while.

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