Proposition 8- Decline in Value
Thank you for visiting our site to do some research on Proposition 8. Below you will find information about what Prop 8 can do for you, with regard to property taxes, if your property declines in value. We are Tax Appeal Consultants, passionate about Property Tax Interests, Property Tax Questions, and anything relating to Property Tax Appeals or Reductions. Doing research on Prop 8 shows you are probably concerned about your property taxes. If your Commercial or Residential property is located in Southern California we would like the chance to work with you.
Do you know if your Property Taxes are too high, or if the value of your property has gone down? Have property values in your neighborhood been dropping? Anything happening in your area which negatively effects your property value could qualify you for a property tax reduction and possible refund.
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PROPOSITION 8 Decline in Value
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value (lowered property taxes) when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.
The law requires the assessor to annually enroll the lower value of either the current market value, as of January 1, or the Prop 13 base year value (factored for inflation no more than 2% annually). As the market value of the property rises, the assessed value may increase more than 2 percent a year up to the annually adjusted Prop 13 factored base year value. The assessed base year value is the full cash market value at the time of transfer of ownership, plus the incremental value of new construction.
Prop 8 – Decline in Value, and Prop 13 – Property Tax Limits
Proposition 8 – Decline In Value FAQs