(Excerpt: www.assessor.lacounty.gov)
Decline-in-Value – What is it?
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.
Eligibility Requirements
You must demonstrate that on January 1, the market value of your property was less than its current assessed value.
You must file a claim form for a Decline-in-Value Reassessment Application (Prop.8) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. If December 31 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or mailed and postmarked by the next business day.
==>Go To Assessor Site For Form & Instructions
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