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SOURCE Ryan, LLC
DALLAS, Jan. 24, 2014 /PRNewswire/ -- Every December, the California State Board of Equalization announces the inflation factor for the coming year's property assessment roll. The factor is determined using the percentage change (rounded to the nearest one-thousandth of one percent) in the California Consumer Price Index (CCPI), from October of the prior fiscal year to October of the current fiscal year, but cannot exceed 2%. The 2013 CCPI percentage change was 1.02, resulting in an assessed value increase of 2%.
For the 2014 assessment roll year (July 1, 2014–June 30, 2015), the inflation factor in California for 2014 is 1.00454, rather than the typical 1.02. In 2014, California will not see the typical 2% increase in assessed values, but instead the increase will only be .454%. This is only the seventh time since Proposition 13 was passed in 1978 that the inflation factor has been less than 2%.
For more information on California property tax questions or issues and what these changes may mean to your business, please contact Tom Loban.
About Ryan Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,600 professionals and associates serves over 9,000 clients in 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.