Does the Assessor automatically lower values when they e above market?
The Assessor initiated reductions on single family residences in Santa Clara County beginning in 1991. At that time it was clear that the real estate market was experiencing more than a temporary slump. At the height of the slump, almost 100,000 properties received temporary relief. In 2001/2002 fewer than 1,000 properties received Prop 8 relief, which parallels the markets strong rebound through the assessment year 2001.
