The Appeal Process and History What is a Proposition 8 – Temporary Decline in Value?
Proposition 8 was passed in 1979 and requires the Assessor to temporarily lower the assessed value of property. Under Proposition 8 the Assessor will review the market value as of January 1, and enroll for the following tax year the lesser of: Factored-Base-Year Value Proposition 13 or Market Value Proposition 8 Reductions in assessed value under Proposition 8 are temporary and are reviewed annually until the Factored-Base-Year value is again lower than market value and is reinstated. Your assessed value can increase more than 2% in a single year if you have new construction (e.g. adding a room or swimming pool), had a temporary reduction due to Prop. 8, or had a qualifying change in ownership. Some property owners whose properties were in the Decline in Value Program may see an increase in their assessed value more than two percent (2%) when restoring to the factored base year value. Please review “Protect Your Rights” below. Important factors to remember related to a decline in value
