Base year values up just under two percent

SAN DIEGO – In California, the assessed value of existing properties is only allowed to grow by either the California Consumer Price Index or 2 percent, whichever is lower. State law requires calculating the adjustment factor by rounding to the nearest 1000th of one percent.

County Assessor Ernie Dronenburg announced that the inflation rate for the 2015 year is 1.998 percent or just under the 2 percent cap required by California law. The assessment roll will be “indexed” by 1.01998 for 2015, as required by Proposition 13. In addition, properties that have changed ownership or have qualif...