Cooling market could squeeze Solano property owners

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Cooling market could squeeze property owners
Article Launched:12/14/2006 06:29:44 AM PST
Due to recent softening of the residential housing market, some property owners in Solano County may be seeking temporary tax relief.

Requirements for such relief have been announced by Mark Tonnesen, the county's Assessor-Recorder.

Tonnesen said the residential home market has cooled off from the unprecedented value appreciation experienced in Solano County communities over the past several years.

Tonnesen notes there does not appear to be a significant number of properties that have suffered a decline in values throughout the county this 2006 calendar year. He is concerned that some residential properties purchased in 2005 may have suffered a decline in value.

'The assessor's role,' Tonnesen said, 'is to provide fair and equitable assessments and that is true even when it means reducing homeowners' property taxes.'

State law provides for a temporary reduction of the assessed value of real property if its market value as of Jan. 1 is less than its assessed value.

If a temporary value reduction is appropriate, the assessor's office will reduce the value, which will reduce your property taxes for the 2007-2008 fiscal year. Your assessment will be reviewed yearly and adjusted until it returns to the original Proposition 13 valu"