Prop 8 Tax Assessment Relief

A Proposition 8 reduction is a form of assessment relief. It may be applied when a property’s taxable value exceeds the current market value.

The Assessor’s Office is required to enroll the lower of two values on all real property:

The base year value plus the annual inflationary factor. * **(Base year value/inflationary factor: Your base year value is established as of the date of acquisition and/ or completion of new construction. This value is adjusted each year by an inflationary factor determined by the percentage change in the California Consumer Price Index(CCPI). In no event shall the inflation factor exceed 2% in any given year.)

The current market value (the price your property would sell for on the open market on the January 1st lien date). If you think your property is being taxed on a value that is higher than its current market value, you may wish to contact the Assessor’s Office and ask for a review form or allow the Synergy Group to provide the data and information to you for FREE. Assessment Review Requests may be submitted to the Assessor’s Office at anytime. Each tax year begins on July 1st and ends the following June 30th. The value for the current tax year will be examined when the Assessment Review Requests are received by the Assessor’s Office between July 1st and September 15th. Assessment Review Requests received between September 16th and June 30th may be examined for the next tax year. !! Important Points !!

The Assessor can only consider the market value of your property as of lien date (January 1st).

The market value of your property will be determined by analyzing sales of comparable properties in the area. Properties with characteristics similar to yours must have sold for less than your current taxable value.

Supplemental Assessments will not be revised due to Proposition 8 reviews. PROPOSITION 8 If any reduction is made under Proposition 8 guidelines, your property must be reviewed each year until the current market value exceeds the base year value plus the annual inflationary factor. This information is a synopsis of Proposition 8. You may call the Assessor’s office for more specific information. The information in this pamphlet reflects California assessment/taxation laws in effect January 1, 2002. “It is important to remember that the filing of an Assessment Review Request does not extend any filing dates for assessment appeals nor alter or delay the date taxes are due. Interest and penalties will be added to the amount you owe if your payment is late.”