Some homes get lower assessments

After nine years of annual assessment rolls in Ventura County increasing by 6 percent to almost 12 percent, the rolls this year went up only 3 percent because the assessor's office lowered the assessments on more than 34,000 homes by more than $3 billion. This effort will save taxpayers nearly $31 million in property taxes this coming year.

This year's local roll will contain nearly $107 billion of taxable property value, a 3 percent increase from last year's total of $104 billion. As a result, Ventura County property owners will pay well over $1 billion in property taxes to be shared with schools, cities, special districts and county government.

Even with the reduction of residential assessments, the 2008/2009 Assessment Roll will increase $3 billion in new value, the equivalent of more than $33 million in new taxes, over the prior year.

"Even in a nontypical residential market with many foreclosures, Ventura County's new commercial construction and residential changes in ownership during calendar year 2007, combined with new business growth in a low interest rate environment, produced this increase in the annual assessment roll," said County Assessor Dan Goodwin

In recent years, Ventura County taxpayers have provided local governments with everincreasing property tax revenue, as the countywide total assessed property values had gone up more than 100 percent over the past eight years.

The assessor's office has now proactively analyzed nearly 43,000 assessments, reducing taxable values on more than 34,000 residential properties for this roll. The office will be mailing the owners new value notices in July. Most of the affected properties that were reassessed downward were purchased between January 2004 and December 2007. Reductions in assessed value are temporary and are reviewed annually, with comparison made to their market value as of Jan. 1.

Property owners who disagree with their new assessed value should submit an "Application for Decline in Value Review" form to the assessor's office.

For an application, call (805) 477-1512 or get a form from www.assessor.countyofventura.org.

A property owner may also choose to file a formal appeal of their assessed value by submitting a completed "Application for Changed Assessment" form to the Clerk of the Assessment Appeals Board. For more information, call (805) 645-1307 or visit www.ceo.countyofventura.org/ cob.

According to the assessor's office, next year is also likely to have a substantial number of reductions, based on the market between Jan. 1 to July 1.