Market Value Decline
Recognition of Market Value Decline
Proposition 8: The Assessor has an obligation to recognize declines in market value and to temporarily reduce assessments, when warranted. California Statute, (Proposition 8), provides that your assessment must be the lesser of its factored base year value, or its current market value as of the lien date. Once an assessment has been reduced under Proposition 8, it will be subject to annual review and adjustment, in accordance with the market value. Once the market value exceeds the factored base year value, the assessment will be restored to its factored base year value. If you feel the assessed value of your property exceeds the market value as of January 1st, you are encouraged to contact the Assessor’s Office and request a review of your assessment. A Value Review Form is available from July 2 to December 31 each year. It should be filled out and submitted to request a review for a reduction based on Proposition 8.
If, after review and discussion, your assessment is not resolved to your satisfaction, you have the right of appeal to the County Assessment Appeals Board. In order to appeal an assessment, you must file an Assessment Appeal Application (PDF) with the Clerk of the Board, between July 2 and September 15 (or the next business day if the 15th falls on a weekend or holiday). For Supplemental Assessments you must file within 60 days of the date of Notice of Supplemental Assessment.
Applications and additional information pertaining to assessment appeals are available from the:
Clerk of the Assessment Appeals Board
175 Fulweiler Avenue
Auburn, CA 95603
- Value Review-Residential: If you believe the market value on January 1st is less than the amount shown on your July value notice of the same year, you may request a review of your assessment. The filing period for a value review is July 1st through December 31st. During this filing period, please complete and return the form to request your valuation review. Important: Your property tax payments are still due by the indicated due date. If a value adjustment is warranted, a notice of correction and revised tax bill or refund will be issued.
- Assessment Appeal Application (PDF): In order to appeal an assessment, you must file with the Clerk of the Board