The 5.88 percent increase for 2014-2015 compares to the 3.68 percent increase last year and reflects the combination of all value changes from one year to the next. This year’s increase is mostly because of strong real estate market sales, appreciation of real estate values, fewer foreclosures/distressed sales, new construction, and a 0.454 percent Proposition 13 upward adjustment in the consumer price index. Strong sustained real estate value patterns over the last two years have led to the largest assessment roll increase since the 6.7 percent of 2007-2008.
Fortunately, the strength of the real estate market over the last couple of years has returned much of the equity lost after the 2008 economic downturn. For many property taxpayers who received temporarily reduced values over the last several years, the rapid market appreciation will give rise to increasing tax bills because of Proposition 13 rules. The number of Marin County properties with temporarily reduced values due to the economic recovery decreased 29 percent to 14,636 in 2014-2015 from 20,668 in 2013-2014. Approximately 18 percent of the single-family residential properties in the County have reduced temporary values, down 8 percent from last year’s 26 percent.
To learn more how assessments can change from one year to the next, please check the “Announcements” section on our website. That information includes explanations on how Proposition 13 assessments may increase by more than 2 percent from one year to the next when a previous assessed value had a temporary reduction.
Marin County property taxpayers will receive notices if their assessed value has had a change other than the limited consumer price index for 2014-2015. Taxpayers who do not receive a written notice may visit the Assessor’s website after July 1, 2014 to view their 2014-2015 assessed value as of Jan. 1, 2014.
Taxpayers with questions about their assessed valuation may call the Assessor's office at 415-473-7215 or visit the website for additional information, including how to obtain a form to request an informal assessment review. Requests for review may be filed with the Assessor from July 1 through Oct. 31, 2014. Such reviews are conducted without charge.
--Information submitted by Marin County