“It’s helpful for a property owner because they would be paying less in property taxes.”
But he says it hurts local governments because property tax revenues fund cities, counties and school districts. And when property values go down, those revenues go down too.
Property values as a whole fell 2.17%. That’s $3 billion less than last’s year’s property tax roll total.
Some 38,000 properties will see lower values, mostly in Natomas, Rancho Cordova and South Sacramento. But Stieger says most people will see property values stay the same.
“Last year every property was lowered. We’re starting to see stabilization. So a lot of them are flat, they were left the same from last year.”
In fact, Stieger says properties in traditionally lower-or-mid-priced areas…such as Oak Park and Arden-Arcade…appear to be recovering first.
The adjustments will show up on tax bills that go out in October.