Decline In Value
If you believe that the market value of your property is less than the current assessment you should contact the Assessor's Office for a review. A comparable sales analysis will be done on your property to determine whether you qualify for the provisions of Proposition 8. Requests for a review for the current fiscal year would need to be made by December 31 of that fiscal year. Requests received after this date would be reviewed for the following fiscal year.
Proposition 8, which was passed by the voters in 1978, allows for a temporary reduction in property tax assessments. The proposition states that if the market value on January 1st of any current year has fallen below the taxable value (as shown on your property tax bill), the Assessor's Office will temporarily lower the assessment to reflect current market conditions. The Assessor's Office will then review these properties annually on January 1st.
When the market value has increased, the assessed value will also be increased (either incrementally or all at once depending on market conditions.) Under no circumstances, however, can this increase in value exceed the original assessed value, plus the annual inflation factor required by Proposition 13.