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Assessment error at purchase in 2022. What to expect today?

We purchased our home in California in February of 2022. We’ve been paying our taxes and insurance out of the escrow account set up by the lender. I just got a copy of our property tax statement from the county assessor today and it has the former owners name on under “owner.” And, more worrying the taxes I’ve been paying have been have been at the old owners rate.

I pulled my property information from the assessors web site. It shows all the correct information about our purchase in 2022, including correct dollar amount. But, under “owner,” the old owners name is still listed. Seemingly, the name was recorded incorrectly at time of purchase.

I’ve reached out to the title company that managed the sale about the error. Looking back, I’ve been paying taxes on my home as if it was worth $400k less for the past (almost) 4 years. What can I expect to happen now? Will they demand the $16k(?) in taxes from the past 4 years? Will they just correct it moving forward? Will they reassess my home based on its value today pushing the potential tax burden in the $30k(?) range?

I am trying not to panic… but, the more I look at the situation, the more worried I am…

submitted by /u/surfing209
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source https://www.reddit.com/r/RealEstate/comments/1o3ptj7/assessment_error_at_purchase_in_2022_what_to/
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