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Per California Revenue and Taxation Code 51(a)(2), a decline in value reduction is an annual form of assessment relief based on a comparison of the assessed value and the market value of property as of January 1st.

The assessed value determined as of January 1st is posted to Parcel Viewer during the first week of July. This opens the informal review period during which the Assessor considers taxpayers’ contention that the market value of their property as of January 1st is less than the assessed value. The filing period ends November 30.

The review form and instructions will be posted on our website during the July – November filing period only.

If the Assessor determines the market value as of January 1st of the property subject to review is less than the assessed value, the Assessor will change the assessment accordingly. If the market value is determined to be greater than the assessed value, the assessment can be increased up to the Proposition 13 factored base year value.

If the taxpayer is not satisfied with the assessed value posted on the Parcel Viewer or the result of the informal review, he or she may file an Application for Changed Assessment (Appeal) annually from July 2nd through November 30th. Filing an Application for Changed Assessment provides the taxpayer an opportunity to have a party independent of the Assessor consider whether their assessment should be adjusted. For additional information, please visit the Appeals Board website.

As noted above, the informal review and the Application for Changed Assessment periods occur annually and the deadlines for each have now passed for 2011. The Assessor encourages taxpayers to make note of the market value of their property as of January 1, 2012 and to review the updated annual assessed values during the first week in July 2012 for comparison.

For more information, visit the Decline in Market Value (Prop 8) page on the Assessor’s website.