Property Owner’s Guide to Proposition 8
“Decline-in-Value Reassessments”
Propostion 8—What is it?
In 1978, California voters passed Prop 8, a constitutional
Amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline in-value of your property is less than the current assessed value as of January 1st.
Elibiltiy Requirements
1. You must demonstrate that on January 1, the market value of your property was less than its current assessed value.
2. You must file a claim form for a “Decline-in-Value” Reassessment Application (Prop. 8) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1st. If December 31 falls on a Saturday, Sunday or a legal holiday, an application is valid if either filed or mailed and post market by the next business day.
How Do I file for Prop 8 Tax Relief?
A Claim form is available from several sources. Choose which is most convenient for you…
Or Email us at TheBESTTeam@kw.com
MICHAEL 562-428-BEST
As I’m sure you are aware the real estate market is volatile. Many property values have dropped. To assist you in the market, I am giving you this information that could assist you in getting your tax bill reassessed downward. If you would like the necessary forms and comparables, just give me a call.
Thanks,
Michael and Kasey
The BEST TEAM
