Decline In Market Value (Proposition 8)
Proposition 8, passed by California voters in 1978, permits a temporary reduction in assessed property value when a property experiences a “decline-in-value.” A “decline-in-value” occurs when the market value of the property as of January 1 (lien date) is lower than its current assessed value.
If, as of January 1, the market value of your property is determined to be lower than the factored Proposition 13 value (typically the purchase price adjusted annually by up to 2%), your assessed value will be adjusted down to the market value. This adjustment is determined by the California Consumer Price Index (CCPI) and cannot exceed 2%.
Property Tax Refunds Under Proposition 8
If your assessment is reduced as a result of your appeal and you have already paid your property taxes for the current tax year, you will receive a refund. If your assessed value is reduced before you make either your 1st payment (due December 10) or 2nd payment (due April 10), you will receive a Corrected Tax Bill reflecting a LOWERED BILL.
How Can Property Tax Advisors Help?
Our services cover the entire property tax appeal process, including filing your application, engaging in discussions with county assessors, and attending appeal hearings. With over 20 years of experience, we possess the expertise to build the strongest case for reducing your property taxes and provide the necessary guidance to maximize your savings.
Free Property Tax Evaluation
Curious if your property is eligible for a property tax appeal without any risk or commitment? Submit a free Property Tax Evaluation by clicking the button below. Our team of professionals will conduct a preliminary review of your property and contact you within 24 hours to inform you if your property may qualify for a reduction.