What does Proposition 8 (California Revenue and Taxation Code Section 51) say?
Proposition 8 was passed in 1978 and allows the Assessor to temporarily lower the assessed value of property. Under Proposition 8, the Assessor may review the market value as of January 1, and enroll for the following tax year the lesser of the: 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 then the factored-base-year value is reinstated. Unless there is a change in ownership or new construction, the assessed value can never increase above the base-year value, plus the appropriate annual cost of living increase not to exceed 2 percent per year, allowed by Proposition 13.
Related Questions
- If Im a qualified purchaser under Revenue and Taxation Code section 6225, but I owe no use tax because I have paid tax on all of my purchases must I still register and file use tax returns?
- How many prior year returns must I file as a qualified purchaser under Revenue and Taxation Code section 6225?
- How much revenue will Proposition 19 generate for California?
