Commercial Owners Seeking Temporary Property Tax Reduction for 2024-2025
The Assessor’s Office has the authority to temporarily reduce property tax assessments in accordance with Proposition 8 based if the market value—as of January 1—falls below factored base year value (Prop 13 value). Proposition 8 only allows for temporary reductions on land and buildings. However, tenants, such as hair and nail salons or restaurants, may receive reductions through a property owner in accordance with their lease.
Data will continue to be accepted up to August 1, 2024. Below are examples of the requested industry-specific data. This information will be used by the Assessor’s Office to evaluate potential opportunities to reduce 2024-2025 property taxes for commercial properties.
To apply for a reduction, applicants are encouraged to have the above data compiled electronically prior to completing the on-line application below.
Information needed by Assessor's office from all Owners:
- Best estimate of prospective income and expense statements for the 2024 calendar year.
- Actual income and expense statements for the 2022 and 2023 calendar years.
- Description and actual cost of any new construction completed or in progress, during the 2023 calendar year.
- Copy of any appraisal performed on the property for any purpose within the last two years.
- Any other information relevant for the proper determination of value.
Hotel/Motel:
- Opinion of value as of January 1, 2024, and the information used to form your opinion.
- Number of units, average annual room rate (ADR). RevPar, and occupancy rate for three calendar years prior to the date in question along with three calendar years of income and expense statements.
- If Change of ownership in 2023, provide purchase or sales agreement & closing statements including all addendums. Franchise Agreement, Management Agreement, Franchise Inspection Report, and Product Improvement Plan.
- Description and actual cost of any new construction completed or in progress, during the 2023 calendar year.
- Copy of any appraisal performed on the property for any purpose within the last two years.
- Any other information relevant for the proper determination of value.
