After receiving a reduction under Prop 8, what will happen if property values start to rise?
The taxable value reduction to market value is temporary and the assessor is required to review the market value of the property each lien date after the reduction, until such time as the Factored-Base-Year Value is less than or equal to the market value. Unless there is a change in ownership or new construction, the increase in value cannot exceed the original assessed value plus the annual inflationary factor not to exceed 2 Percent per year. You will never have to pay more in property taxes than legally required by law.
Related Questions
- Considering the downturn in commercial property, lower rental returns and thus reduction in asset values, is 18.17% invested into commercial property too high?
- After receiving a reduction under Prop 8, what will happen if property values continue to decline?
- After receiving a reduction under Prop 8, what will happen if property values start to rise?
