Excerpt from Justin's March Newsletter
More than half of the money that the City relies upon to fund our government comes from the Real Estate Tax which is assessed on both residential and commercial properties.
The property assessments received by property owners last month sets the tone for the upcoming budget process.
Thanks to value increases for existing residential properties, and some of the most significant new residential development since 2008, the City's overall real estate tax base grew by 3.56%. This continues a trend of fairly modest assessment growth over the past 5 years.
The growth in the overall real estate tax base continues to mask considerable weakness in our commercial tax base. A stubbornly high vacancy rate continues to depress commercial valuations, which in turn is pulling down nearly all commercial property values.
On the residential side, the value of the average single family home increased by 3.67% from $653,395 to $677,375. The value of the average condo unit increased 4.48% from $275,167 to $287,375.
Assuming the Council makes no change to the real estate tax rate, the average single family homeowner will pay an additional $249 (new total $7,031) and the average condo owner will pay an additional $127 (new total $2,983).
Of those single family properties, 85% saw increases in their values, 4% decreased and 11% remained without change.
Of the condo units, 77% increased in value, 7% decreased and 11% remaining without change.
If you have concerns about the assessment that you received, the first step is to request a review by the Real Estate Assessments division. The requests can be submitted online until March 14th.
If that process does not yield a satisfactory result, landowners have the ability to file a formal appeal with the City's Board of Equalization. The deadline for that filing is June 2nd.