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Proposition 8, passed in November 1978, amended Proposition 13 to reflect declines in value. As a result, Revenue and Taxation Code Section 51 requires the Assessor to annually enroll either a property's factored Proposition 13 base year value or its Market Value as of January 1 (lien date), taking into account any factors causing a decline in value, whichever is less.
Proposition 8 reductions are temporary reductions which recognize the fact that the current market value of a property has fallen below its current factored Proposition 13 base year value.
When and if the market value of the previously reduced assessment (Proposition 8) increases above its Proposition 13 factored base year value, the Assessor will once again enroll its Proposition 13 factored base year value. Proposition 8 values can change from year to year as the market fluctuates up and down.
Any properties that have received Proposition 8 reductions in the prior year are automatically reviewed in the following year to ascertain whether that year's lien date value should be maintained, lowered, or increased. Unless there is a change in ownership or new construction, your assessment can never increase above the factored Proposition 13 base year value.
Feel free to download any of the following 3 documents to get more information or to complete the form to request an informal review of your property's value.
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