El Dorado County assessed home values up $1.7B

El Dorado County Assessor Karl Weiland today announced the assessed value of
all taxable property in El Dorado County increased by almost six percent from last year. The $31.5 billion property tax roll, which reflects the assessed value as of January 1st, 2017 is approximately $1.7 billion above last year’s assessed value of $29.8 billion.

The $31.5 billion dollar roll generates about $315 million in property taxes every year that support schools, public safety, local districts, cities and County government services.

”The same factors that increased last year’s values by over five percent continued to influence property values this year,” said Weiland. “The recovering real estate market led to properties selling for more than the assessed value. This is especially true in the west end of the county, which showed higher sales volume and pricing than more rural areas of the county.”

New construction also increased over last year, adding value to the roll. In addition, the required review of all property assessed under Prop. 8 again resulted in either partial or full restoration of Prop 13 values for thousands of parcels. El Dorado County still has almost 13,000 properties whose value has been lowered under Prop 8.

Each year, the Assessor is required by law to review the assessment and either adjust the Prop 8 value to the market value on the lien date, or restore the assessment to the Prop 13 value. In all cases, the property is assessed at the lower of the two values. In conducting the review, the Assessor’s Office makes every effort to establish the market value by looking for sales of comparable property.

“This can be tough, especially in areas with slow real estate activity. In those areas, we try to be as conservative as possible in estimating the value of both residential and commercial property,” Weiland noted.

El Dorado County has approximately 95,000 real property parcels; almost 67,000 are single family residences. There are also nearly 39,000 timeshare vacation parcels in South Lake Tahoe. In addition to homes and parcels, Weiland assesses approximately 12,000 businesses, boats, mining claims, possessory interests and aircraft.

Property owners who have questions are encouraged to call the Assessor’s Office in Placerville at (530) 621-5719 or in South Lake Tahoe at (530) 573-3422. The Assessor’s web site,
https://www.edcgov.us/Government/Assessor has property information, additional information on a variety of property tax issues as well as an online application for Prop 8 review and information about filing appeals.