As I travel about talking to folks in Shasta County in my bid for the County Assessor-Recorder, I am frequently asked "what is Prop 8?". It is not the marriage prop recently passed in California, but rather the follow on to Proposition 13 passed by in 1978....and Prop 8 came shortly thereafter.
Proposition 8 - Temporary Decline in Value
Proposition 8 was passed in 1979 and requires the Assessor to temporarily lower the assessed value of property. Under Proposition 8, the Assessor will review the market value as of January 1st, and enroll the lower value for the following tax year.
Reductions in assessed value under Proposition 8 are temporary and are reviewed annually until the factored base year value is again lower than market value and is reinstated.
Your assessed value can increase more than 2% in a single year if you have new construction (e.g. adding a room or swimming pool), had a temporary reduction due to Prop. 8, or had a qualifying change in ownership. Some property owners whose properties were in the Decline in Value Program may see an increase in their assessed value more than two percent (2%) when restoring to the factored base-year value.
Ron Largent www.largent2010.com
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