What will happen to my Proposition 8 assessed value if market values start to rise?
A Proposition 8 reduction in assessed value is only 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 at which time the factored base year value will be reinstated. Unless there is a change in ownership or new construction, this increase in value cannot exceed the original assessed value (base year value) plus the annual inflationary factor not to exceed two percent per year.
