Generally, property is assessed at the lesser of two values:  (1) the factored base year value (typcially the purchase price adjusted annually for inflation, not to exceed 2% per year) or (2) current value on January 1.  If the market value is the lesser value, the "Decline in Value Assessment Program" (Proposition 8) allows for a temporary reduction in assessed value.

The assessed value of a property should never be higher than the property's value on the open market. Occasionally, market forces and other factors will cause a property's value to decline significantly enough to create that situation. In these cases, the Assessor may lower the assessed value of any real property if it is higher than the market value as of January 1.

Each case is reviewed individually at the request of the property owner. The Assessor considers both land and improvements when determining the January 1 market value.

Apply for a "Decline in Value" Reassessment

The "Decline in Value" request should not be confused with the more formal "Request for Assessment Appeal."