Temporary Decline in Market Value Review Process
The regular filing period for the 2023-24 annual assessment period is now open. If you feel your market value has declined, you may file an Application for Changed Assessment with the Clerk of the Assessment Appeals Board from July 2nd through November 30th.
The Review Process
Temporary reductions to your property's taxable value on the Assessment Roll can be initiated by either you or the Assessor. Our office constantly monitors market conditions and frequently lowers assessed values without requests from owners.
Current Assessed Value of Your Property
Your property’s current assessed value can be viewed on our website beginning August 1st each year.
Starting the Review Process
We may initiate a review on our own, or you may submit an Informal Request for Decline in Market Value Reassessment application with evidence that justifies a reduction in your property value.
Our office will review your application and our appraisal staff will estimate your property's fair market value as of the lien date (January 1). This is done by studying relevant real estate market data. We will then compare that estimated value to the property's current adjusted Proposition 13 (Prop 13) base year value.
For residential properties, a reduction in assessment will be determined by the analysis of sales of comparable properties in your neighborhood. The majority of these sales must be for less than the current assessment on your property. By law, all comparable sales used to temporarily revalue your property must have been recorded no later than 90 days from the January 1 lien date. If you can provide the address and approximate dates of the sales or listings that meet these criteria, you can facilitate the review of your property.
After the Fair Market Value is Determined
If the estimated fair market value is greater than the adjusted Prop 13 base year value, no change is made to your property's assessed value. But if the current fair market value is less than the adjusted Prop 13 base year value, your property's assessed value will be lowered to match its fair market value.
Please note that any lower assessed value will be reflected in your next tax bill which is usually mailed in October.
What to Do Next
If You Don't Agree With The Assessed Value
If you feel that your property has been incorrectly valued, contact us to discuss your concerns. After discussing your property's assessed value, you can file an appeal with the Assessment Appeals Board if you believe the assessed value is still too high.
After Property Value is Temporarily Lowered
If your property's assessed value is temporarily lowered, it must be re-evaluated each year. When the property's market value increases above its adjusted base year value, the Assessor will once again assess it at the adjusted base year value.
Please contact our office if you have additional questions about the process or a letter you received from us.
Filing an Appeal
If you decide to appeal, you will need to file an Application for Changed Assessment with the Clerk of the Board of Assessment Appeals. Note that the filing period for assessment appeals is normally from July 2 to November 30.