So, if you're a homeowner who has seen their property value decline - there is relief to help you through this difficult time. Proposition 8 can help you reduce your property tax liability. This amendment, passed by California voters in 1978 allows temporary reduction in your assessed tax value. Here are the steps in getting your property tax reduced:
- Print Proposition 8 Decline in Value Reassessment Application
- Click here to receive your FREE Comparable Sales Analysis.
- Fill out the application, submit a copy of your Comparable Sales Analysis and FILE by December 31, 2008.
Proposition 8 FAQ (Frequently Asked Questions):
- What are the eligibility requirements?
The market value of your property on January 1 is currently less than its current assessed value.
The Reassessment Application must be filed with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. An application is VALID if December 31 falls on Saturday, Sunday, or legal holiday if either filed or mailed and postmarked by the next business day.
- Where do I appeal if I disagree with the Assessor's findings?
You must file your appeal between July 2 and November 30 for your annual tax bill with the Assessment Appeals Board.
- Do other properties besides single family residences qualify?
Yes, all real property qualifies.
- How long will my reduced assessed value last?
Proposition 8 reassessments are not permanent, but last at least one year. Depending on the market value of your property on January 1 of each subsequent year, the assessed value may decrease or increase. Your assessed value will never increase more than the trended base value. Please keep in mind that base year values suspended by Proposition 8 reassessment values continue to increase by an annual inflation factor of no more than 2% per year.
- What is the Los Angeles County Office of the Assessor's web address?