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    Temporary Decline in Market Value

  • Sonoma County Home Value

    Temporary Decline in Market Value

Temporary Decline in Market Value

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Overview

When the fair market value of property falls below the current adjusted base year value, the County Assessor is allowed to temporarily reduce the value on the Tax Roll which temporarily reduces your property taxes. 

This process of reviewing property is sometimes referred to as "the Prop 8 review process" because of its association with temporary declines in taxable value allowed by the passage of Proposition 8 in 1978.

Background

In 1978 Californians passed Proposition 13, amending the State Constitution so that the yearly taxable value of most real property in California must be the lower of either:

  • The property's base year value adjusted for current inflation, or
  • The property's fair market value on January 1st (the "lien date") for the applicable tax year.

Base Year Value

The base year value is established when a property is sold, changes ownership, or undergoes new construction. If none of these has occurred since 1975, the base year value is the market value of the property as of March 1, 1975. Real property market values typically increase over the years, but sometimes the fair market value of a property falls below its current adjusted base year value. Proposition 8, also passed in 1978, allows for temporary declines in value which Proposition 13 did not address.

Proposition 8

The law established by Proposition 8 allows the County Assessor to reduce your property taxes by enrolling a value on the Tax Roll that reflects a temporary reduction in taxable value for your property (see California's Revenue and Taxation Code, Section 51). Once reduced in this way, your property's value must be reviewed on January 1 each following year to determine whether its current market value is still less than its current adjusted base year value. When its market value increases above its adjusted base year value, the Assessor will once again enroll its adjusted base year value. Prop 8, values can change from year to year as the market fluctuates up and down, but under no circumstances does the Assessor assess your property at a value greater than it's adjusted base year value.

Temporary Reductions in Value

Temporary reductions to your property's taxable value on the Assessment Roll can be initiated by either you, or the Assessor. You can provide us with evidence that you feel justifies a reduction in your property value, or simply request us to review it. We also initiate reviews on our own. Our office constantly monitors market conditions and frequently lowers assessed values without requests from owners.

New home purchase, remodeling a kitchen, adding square footage, and other factors can affect the assessed value of your home. People often wonder why the assessed value of the homes in their neighborhood so different. The process of how Property Values are Assessed can be complex. 

How the Assessor Determines Your Property Value

Think your property assessment is too high? Learn about your rights and how the Temporary Decline in Value Review works.

More About the Temporary Decline in Market Value Review

If you disagree with your property tax assessment, you have the right to file an Application for Changed Assessment. Appeals may be filed with the Clerk of the Assessment Appeals Board from July 2nd through November 30th

More information about Assessment Appeals

Clerk-Recorder-Assessor

William F. Rousseau

County Clerk-Recorder-Assessor-Registrar of Voters

Business Hours
Monday – Tuesday
8:00 AM – 5:00 PM
Wednesday
8:00 AM – 4:00 PM
Thursday – Friday
8:00 AM – 5:00 PM

Note: Document processing and fee transactions end 30 minutes prior to closing

Address

Assessor's Office

585 Fiscal Drive
Room 104F
Santa Rosa, CA 95403
38.4657196, -122.7277883

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The Assessment Appeals Board is an independent agency under the authority of the Sonoma County Board of Supervisors

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Important Notice

Important AnnouncementThe staff of the Clerk-Recorder-Assessor's Office are forbidden by California legal codes to practice law or provide legal advice; this prohibition includes giving advice about what forms you might need or how you should fill them out.

 

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