Orange County Assessor Webster Guillory announced the results of a review of falling commercial/industrial property values throughout Orange County. Of the 13,000 properties reviewed, 2,500 will receive a reduction in taxable value for 2010. This is up significantly from the 890 properties that received a reduction in 2009.
The total value reduction on commercial/industrial property is about $2.6 billion, with an average of just over $1 million per commercial/industrial property. A $1 million value reduction will save the owner about $10,000 in property taxes.
By law, the Assessor values property each year as of January 1. The Assessor compares the taxable value to the market value. The lower value is used for property tax calculations each tax year. Sales transactions and market activity through March 31 are considered to help determine market value.
Assessor staff is currently reviewing over 300,000 homes, including single-family residences, condominiums and townhomes. "We will reduce the value of a significant number of homes again this year", Guillory said. In 2009, the Assessor reduced the value on about 180,000 homes.
Value review work will be complete by June 30, and property owners will receive a notice with the results in July.
Homeowners can see if their property is being reviewed by visiting the Assessor's website at www.ocgov.com/assessor or by calling (714) 834-2727.