California property owners can take advantage of the current declining real estate market and save money by reducing their annual property taxes.  Prop 8 states that when a property suffers from a decline in value, the owner has the right to appeal to the county assessor's office to lower the annual property tax.

        Prop 8 requires the county assessor use whichever value is lower (assessed value or market value) when calculating a property's annual property tax (lower value = greater savings).  Prop 8 helps virtually every California property owner that purchased within the past few years save money by reducing their annual property taxes.  However, the responsibility to save is on the property owner.

        Every county is different and operates independently with their own set of appeal forms, instructions and deadlines that the property owner or their Agent of Service must obtain, complete, and monitor.  In addition, the counties require that certain admissible evidentiary support be submitted along with the appeal to justify the lower value.  Take advantage of the current decline in real estate values and protect your right to lower property taxes with Prop 8.