California BOE Issues Letter to Assessors Regarding Property Tax Assessors’ Handbook, Residential Building Costs Updates

The California Board of Equalization (SBOE) Dec. 14 issued a letter to county assessors on the 2024 revision to Assessors’ Handbook Section 531, Residential Building Costs, for property tax purposes. The revision updates the costs contained in previous editions and is available only on the SBOE’s website. The updated costs become effective Jan. 1, 2024. The costs in the revision increased primarily due to the materials and labor portions of the cost structure. Appraisal judgment should be used to adjust for any market change that could affect costs after the publication date of the revised handbook. [Cal. State Bd. of ...