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FYI: Frequently Asked Questions
- What is a Supplemental Assessment?
State law requires the Assessor's Office to reappraise property upon change in ownership or completion of new construction. The Assessor's Office must issue a supplemental assessment which reflects the difference between the prior assessed value and the new assessment. This difference in value is prorated based on the number of months remaining in the fiscal year, ending June 30. (Generally, Supplemental Assessments are not accounted for in escrow dealings, but the new property owner should be made aware of the supplemental process.)
- I applied for a loan on a lot, but the lender tells me that I must supply them with the new Assessor's Parcel Number (APN)
I recently applied for a loan on a new subdivision lot that I purchased, but the lender tells me that I must supply them with the new Assessor's Parcel Number ("APN"), covering my specific lot before they can process my loan application. How do I get the new APN ?
Although it would certainly be convenient for your lender to have the new APN covering just your lot, it is our understanding that it is not required by law in order for your lender to complete the loan.
- How is Business Personal Property appraised?
Unlike real property, business personal property is reappraised annually. The owners of all businesses must file a property statement each year detailing costs of all supplies, equipment, fixtures and real estate (if any) at each location.