Decline-in-Value Reassessment Under Prop 8
If you own a home or investment property and you think it may have declined in value, then the following information should prove interesting and valuable.
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1. If the property has declined in value, you could receive a refund in your property taxes.
LA County Assessor is conducting its annual review on particularly hard hit areas of the county – go to http://assessor.lacounty.gov/extranet/guides/prop8status.aspx and enter an address or AIN to see where your property stands on the list. Also, another option is to ask for a Decline-in-Value Reassessment under Proposition 8.
For more information on the process or to obtain the RP-87 form, please go to http://assessor.lacounty.gov/extranet/guides/prop8.aspx. You would be asked to complete basic information about the property as well as attach comparable sales information that supports a decline in value.
If you have any questions or need any further information, please feel free to contact the LA County Assessor’s Office directly by phone at (213)974-3211 or by email at email@example.com.
Calabasas and Westside real estate and homes for sale