Assessor-Recorder Letters have Important Info in them.

Hey Fellow Merchant Owners,

Some of us are first time homeowners and in talking with a few folks it sounds like many of us have started to receive your "base assessment" letter from the Assessor-Recorder office.  If you have not gotten yet I am sure you will soon, unless you had a later closing then most of us.  I personally don't understand this stuff but have a friend who is extremely knowledgeable on this so asked them about to make sure everything is what Lennar told us.  This is not a property tax bill but can have an impact on future property tax bills.   So 2 key things to look at the envelope.

(I am not a lawyer, accountant, or expert in this field and will simply do my best to explain what I was told so please consult an expert if not sure or something does not seem right to you before doing anything based on this.)

1. Notice of Supplemental Assessment.  This will tell you how much the city has assessed your property.   The key is to look at the chart in the letter and go to the "New Base Year Value".  If that is higher then you paid for the unit you have the right to appeal it, you have 30 days to file from the date on the letter.  This will be the base that all future property taxes are based so you want this not to be higher then what you paid or as the annual increases that are allowed under state law occur you will pay even higher taxes in the future.  More as an FYI the next two columns in that chart "Existing Taxable Value" is basically what the property was worth prior to anything being built and then "Supplemental Assessment" is how much more my unit is worth not that it is built.  Those two columns should equal the already mentioned "New Base Year Value" column.

2. Claim for Homeowners' Property Tax Exemption - You should read the instruction sheet, 2nd page, and determine if you qualify.  Should you meet the qualifications this form also need to be turned in within 30 days of the letter.  Basically it will save you a small amount on your yearly taxes in the future.

Hope  this helps,

Jason Fried