Recipients of value notices printed on tan postcards include owners of land assessments that are enforceably restricted by contractual agreements under agricultural preserve provisions, also known as Williamson Act assessment. Other recipients of tan value notices include owners of commercial or industrial property, rural residential property, single-family residential property and business property.

Notice of a Revenue and Taxation Code section 463 penalty indicates a failure to timely file an annual property statement with the Assessor. Section 463 requires a 10% (10-percent) penalty be added to the estimated value of reported or unreported taxable tangible property. The estimated value and penalty amount applies only to personal property and trade fixtures. (R & T 463)

Definitions:

Taxable Value- The base year value of real property appropriately indexed to the lien date for which the roll is being prepared or fair market value, whichever is less.

Land- That portion of real property allocated to land only.

Improvements- Includes buildings, fences, trees, vines, irrigation pumps, etc., and any machinery and equipment considered affixed to the land (i.e., trade fixtures).

Personal Property- Includes furniture, machinery, equipment, etc., not affixed to the land.