The Court of Appeal's recent decision in Victory Motors provides important clarification to not only the assessment of contaminated
properties for property tax purposes, but also to the consideration of objective value versus subjective value in assessment more broadly.
In assessing the value of real
estate for property tax purposes, there are 3 standard approaches that are employed: the Cost Approach, the Sales Comparison Approach, and the Income Approach.
I simply look at homes similar to mine on Zillow that have sold recently, fill out a form citing a few examples where the values were lowest, propose a new value
for property tax purposes, and then submit the form to the county.
Using capitalization, the estimated income of the particular property is also a variable in the tax formula, contributing to the calculation of assessed value
for property tax purposes.
Administrative law: When the Capilano Shopping Centre was assessed,
for property tax purposes, at $ 31.3 million, it appealed to the Assessment Review Board for the City of Edmonton.
Using capitalization, the estimated income of the particular property is also a variable in the tax formula, contributing to the calculation of assessed value
for property tax purposes.
When someone purchases a property in California, the County Assessor is required to immediately re-assess the property
for property tax purposes.
By law, California real estate is valued each year as of January 1 (lien date)
for property tax purposes.