Ventura County Perspective; When Jack and Jill's Valuation Goes Up the Hill; It's a tough job explaining those county assessor notices. Consider the example of this hypothetical, home-owning couple Ventura County Edition

• Published in: The Los Angeles times
• Main Author: Goodwin, Dan
• Format: Newspaper Article
• Language: English
• Published: Los Angeles, Calif Los Angeles Times Communications LLC 30.07.2000
• ISSN: 0458-3035

Here is some background on the valuation changes. Between 1991 and 1996, during a statewide economic recession, real estate prices in Ventura County slipped to their lowest levels in recent history. The assessor's office reduced approximately 75,000 property assessments below their Proposition 13 factored base year values. These properties were in a temporary decline-in-value status. The assessment's upper limit remains the Proposition 13 factored base year value. In 1998, we followed the market and restored some properties to their factored base year value while only partially restoring several thousand other properties. In 1999, the market restored many more properties to their factored base year value, and we partially restored about 30,000 assessments. During 1999 and early 2000, the market has recovered further with some properties selling for more than the asking price after multiple offers. Many sales are still above the prices paid during the last peak in the market, 1989 and 1990. This year, about 17,000 of the 60,000 properties that were still in a partial decline-in-value status will be restored to their Proposition 13 factored base year values. However, more than 40,000 single-family dwellings, condominiums, multifamily apartment and commercial / industrial properties will remain only partially restored.