Eric Inglis is a certified appraiser with Aaron's Appraisal Services.

Property owners who purchased their properties between January 2004 and December 2007 should have received a Notification of Assessment from the county assessor's office during the months of July and August. Because of the depreciation in real estate values over the past two and a half years, the assessor performed these reassessments in an effort to keep property taxes in line with current property values.

Per the tax law, the new assessed values for the 2008-09 tax year are set as of Jan. 1, 2008. In most cases the new assessed values are lower than the Proposition 13 value, which is calculated based on the purchase price of the property and is typically higher due to market depreciation since its peak in mid-2005.

In general terms, the assessed value is derived through a comparison method using properties in the same neighborhood that are similar to your property and have sold within the previous six months of the date of the assessment, which in this case is Jan. 1.

Since the majority of properties being reassessed are never physically inspected, there is a possibility of inaccuracy. Physical condition of the property, external issues such as traffic noise, and location within a neighborhood are all significant contributors to property value and are typically not accounted for by the assessor's office.

As such there can be significant errors in the assessed value if the property has one of these circumstances, resulting in an inaccurate assessment. If this is the case, getting a second opinion from an appraiser is recommended, and if the value is lower, property owners can file an appeal with the assessor's office. Time is limited, however, since the appeal must be filed before Nov. 30. For more information, call (805) 890-1182.