Prop 13:
Under proposition 13, real property is reappraised only when a change-in-ownership occurs, or when new construction takes place. Generally, a change in ownership is a sale or transfer property, while new construction is any improvement to property that is not considered normal maintenance. Except for these two instances, property assessments cannot be increased by more than 2% annually.
Prop 8:
Due to the dire market conditions within the County of Riverside, the Assessor's office has begun to review the value of properties purchased within the last year in an effort to determine if value reductions are warranted under Proposition 8.
If you believe the assessed value of your home is greater than its current market value, you may request a review by filling out and returning a Decline-in-Value-Reassessment Application (Prop.8) form. A title company will then review your request and provide written notification regarding their findings.
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