Thursday, February 25, 2010
SAN DIEGO For the first time in more then 30 years the rate of inflation has pushed down property assessments. Under Proposition 13 -- a 1978 ballot measure that capped property taxes -- assessments can only go up by 2 percent each year if inflation increases. David Butler is the county assessor. He said the proposition also demands assessments go down if inflation is negative.
"What people are going to see this year, all those people who had those old base values, that we haven't already declined the value, we're going to have to reduce their values," Butler said.
Even homeowners who's assessed values are dramatically lower then market value will see their tax bill go down. The reduction will affect about two-thirds of the county tax roll. Most home-owners will only save about $10 this year, but it will add up to several million less for the county.