Suisun Sees Highest Assessment Gain For Secured Properties

Steve Pierce, Public Communications Officer 

Solano County Assessor/Recorder Marc Tonnesen announced today that the assessment roll for secured properties in the county for fiscal year 2013/14 increased by $2.57 billion or 6.77 percent over last year. 

“This is the first time in the past five years that the roll went up countywide. In fact, all seven cities posted gains in assessed value.  The recovering real estate market played the most significant role in the increase,” Tonnesen said.

As of the close of the roll, the assessed value of the nearly 143,000 residential and commercial parcels in Solano County was $40.47 billion. Local agencies use this value, after adjusting for exempt properties, to calculate the distribution of property taxes.

The recovering real estate market resulted in a decrease in the number of properties on Proposition 8 status, a temporary reduction in property values below their base property value established by Proposition 13.  As of this year’s roll close, 55,495 parcels were on Proposition 8 status, a decrease of 22,655 or 29 percent from the 78,150 parcels on Proposition 8 status last year. 

All cities and unincorporated area of the county saw increases in assessed values; however, not all experienced the same rate of recovery.  The highest gain was Suisun City at 8.64 percent, followed by Fairfield at 8.42 percent and Vallejo at 8.13 percent.  The next highest gains were posted by Benicia at 5.56 percent followed by Vacaville at 5.43 percent and Dixon at 5.27 percent.  Rio Vista posted the lowest gain in assessed value at 4.33 percent with the unincorporated area of the county slightly higher at 4.64 percent. 

Under Proposition 13, when a change in ownership occurs or new construction is completed, property is reassessed and a base year value is established.  Annual increases thereafter are limited to 2 percent per year.  However, when market value falls below the Proposition 13 value, the market value becomes the basis for property taxes.  This is known as the temporary enrollment of the Proposition 8 value.  This value is reassessed every year until the market meets or exceeds the Proposition 13 value.  At that point the Proposition 13 value is restored.

Homeowners whose property values were temporarily reduced or restored to Proposition 13 status will receive a notice in the mail.

Tonnesen is pleased to announce that as of July 1, 2013 Proposition 8 notices are available online athttp://www.solanocounty.com/depts/ar/viewpropertyinfo.asp for property owners to view or print.