Let's say you bought a home several years ago for $100,000. The Assessor determined that the purchase price was the fair market value, so the new base year value of the property was set at $100,000.
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- The Assessor can only consider the market value of your property as of the lien date (January 1, 2019).
- The market value of your property will be determined by analyzing sales of comparable properties transacting near in time to the lien date. Neither the Assessor nor the Assessment Appeals Board may consider sales recorded after March 31, 2019 as evidence as to the market value of property as of the lien date (Section 402.5 of the Revenue and Taxation Code).
- Properties similar to yours selling for less than your current assessed value is compelling evidence to reduce your assessed value
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California Revenue and Taxation Code Section 51(a)(2)
A Proposition 8 reduction is a form of assessment relief. It may be applied by the Assessor when a property's assessed value exceeds the current market value. By the end of June all Santa Clara County property owners receive notification of their assessed value.
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Allows property owners, under certain circumstances, to temporarily reduce the assessed value when the market value of their property drops below the Assessed Value due to damage by misfortune or calamity (e.g. fire, earthquake, etc.).
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