Happy New Year! January 1 is not only a significant date that kicks off the new year and new beginnings, but it is also an important date for our office. Based on state statute, all properties are appraised each year as of January 1. The status and condition of a property on January 1 determines the property’s value for the upcoming assessment year.
To appraise residential properties with adequate sales data, our office determines the just (market) value, which is a property’s probable sale price in a competitive market, by using comparable sales that occurred before January 1 of the current tax year, looking back up to three years. Due to this, our values are typically trailing the current market. If you’re interested in looking at comparable sales near your home, we provide access to this information through our website’s property search tool here on this website at https://bit.ly/3KkHpPD. Once on that page, search for your property. Next, click on the map. Then, look at the layer list on the left side of the map and select yearly sales to display properties sold within the past eight years.
Due to the January 1 assessment date, if you purchased a home after January 1, then the tax bill you will receive that first year will be the previous owner’s taxes. As of January 1 the following year, all exemptions and homestead limitation caps – the amount the assessed value can increase each year, which is up to 3% for homesteaded properties – will be reset based on the new ownership. Therefore, it’s important to calculate your property taxes when purchasing a home. Visit our tax estimator to calculate your property taxes at www.sjcpa.gov/taxestimator.
Our office updates our website daily with the working tax roll, which allows you to see your property’s values in real time. Please
contact our office at any time throughout the year, not just during the TRIM notice period, if you have questions or would like a review of your property values.
Please contact our office with any questions and for additional information.