- The Assessor can only consider the market value of your property as of the lien date (January 1, 2019).
- The market value of your property will be determined by analyzing sales of comparable properties transacting near in time to the lien date. Neither the Assessor nor the Assessment Appeals Board may consider sales recorded after March 31, 2019 as evidence as to the market value of property as of the lien date (Section 402.5 of the Revenue and Taxation Code).
- Properties similar to yours selling for less than your current assessed value is compelling evidence to reduce your assessed value
California Revenue and Taxation Code Section 51(a)(2)
A Proposition 8 reduction is a form of assessment relief. It may be applied by the Assessor when a property's assessed value exceeds the current market value. By the end of June all Santa Clara County property owners receive notification of their assessed value.
Allows property owners, under certain circumstances, to temporarily reduce the assessed value when the market value of their property drops below the Assessed Value due to damage by misfortune or calamity (e.g. fire, earthquake, etc.).
When a City or other governmental jurisdiction issues a building permit, they are required to notify the Assessor's office of that new permit. This notification is required since the Assessor is mandated to assess value added by new construction
The differences between new construction, remodeling and normal repairs can sometimes be confusing and are often treated differently by the Assessor. Under ordinary circumstances, new construction will add value to a property, repairs are typically considered a part of ordinary property maintenance and do not cause a change in the assessment, and remodelling, depending upon the extent, may result in an increased assessment.
