PROPOSITION 8 (DECLINE IN MARKET VALUE)
Under California State law as set forth in Proposition8, you are entitled to a temporary reduction in property taxes when the value of your property falls below the assessed value.
Proposition 8 reductions are temporary reductions which recognize the fact that the current market value of a property has fallen below its current factored Proposition 13 base year value.
When and if the market value of the previously reduced assessment (Proposition 8) increases above its Proposition 13 factored base year value, the Assessor will once again enroll its Proposition 13 factored base year value. Proposition 8 values can change from year to year as the market fluctuates up and down.
Any properties that have received Proposition 8 reductions in the prior year are automatically reviewed in the following year to ascertain whether that year's lien date value should be maintained, lowered, or increased. Unless there is a change in ownership or new construction, your assessment can never increase above the factored Proposition 13 base year value.
If you think your property is being assessed at a value that is higher than market value, submit an Informal Request for "Decline in Market Value" Reassessment form with our Office by June 2 of the year in which you feel you were over assessed. For example if you are contesting the January 1, 2008 assessed value you are requested to submit the form before June 2, 2008.
The form is available by either contacting our office or downloading from the internet. Our phone number is (510) 272-3787 and our web address is www.acgov.org/assessor.
Should you not agree with the results of your request, you have the right to file an appeal with the Clerk, Assessment Appeals Board's office. The filing period is from July 2 through September 15, inclusive. These forms are available from that office and various local libraries during the filing period. The Clerk's office may be contacted at (510) 272-6352. The appeal forms may also be obtained by downloading from their web site at www.acgov.org/clerk.
source: http://www.acgov.org/forms/assessor/decline_market.pdf
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