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Revenue and Taxation Code Section 51 requires the assessor to enroll the lower of either the property's Factored-Base-Year Value (established under Proposition 13) or its market value as of the lien date (January 1).
This reduction is temporary and the assessor is required to review the market value of the property each lien date after the reduction until such time as the Factored-Base-Year Value is less than or equal to the market value.
When the Factored-Base-Year Value is again enrolled, the property is no longer subject to the annual review, and will receive indexing not to exceed 2% per year.
We understand property owners have concerns regarding the assessed value of their property and the impact it may have on their property taxes. Property tax law provides certain protections for taxpayers when property values decline. Under Proposition 8, qualifying properties will be given a temporary reduction in their taxable value which translates into a lower property tax. A reduced or "decline-in-value" assessment (also called "Prop 8") occurs when the current market value of your property is less than the assessed value as of January 1.
The Assessor will review thousands of properties this year to ensure that fair and equitable assessments are provided for Riverside County taxpayers. This review encompasses all properties that received a decline in value reassessment last year. We encourage property owners who have already received a decline in value reassessment to await the results of our review before filing a Decline in Value Reassessment Application. If your property is included in our review, no application is necessary.
The review applies to the assessed value as of January 1, 2024, for the Fiscal Year 2024-25. If your property does not meet the review criteria above and you believe the value should be lowered, you may file a Decline-in-Value Reassessment Application (Prop. 8). The filing deadline for a Decline-in Value Application is November 1, 2024. Our staff will review your request and provide written notification regarding their findings for all applications received after July 1, 2024.
The graph below represents a comparison of Prop 8 and Prop 13. California’s Proposition 13 caps the growth of a property’s assessed value at no more than 2 percent a year unless the market value of a property falls lower. When that happens, Proposition 8, which also passed in 1978, allows the property to be temporarily reassessed at the lower value. However, as the value of the property rises, the assessed value and resulting property taxes may increase more than 2 percent a year up to the annually adjusted Proposition 13 cap.