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What is a Decline-in-Value Reassessment?
  A Decline-in-Value reassessment is a temporary reduction in a property's assessed value.

In 1978, California’s Proposition 13 established the base year value for property tax assessment. It also caps the growth of a properties assessed value at no more than two percent a year unless the market value of a property falls below the base year value.

Also passed in 1978, Proposition 8 is a constitutional amendment that allows a temporary reduction in assessed value 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 1.1As a result of the decline in value, many property owners benefited from Proposition 8.

Click here for more information about Decline-in-Value.

 
  Posted by Website, Saturday, June 01, 2013
 
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