Property Tax Savings: Proposition 8

What if I disagree with the Assessor’s findings?

You can file an appeal with Assessment Appeals Board through the Clerk of the Board’s website. For filing deadlines and additional details about the appeals process, please visit the Clerk of the Board website at https://cob.sbcounty.gov/assessment-appeals/.

Do properties other than single family residences qualify?

Yes, all real property qualifies for Decline-in-Value reviews.

My property was previously under Prop 8 due to a decline in value but is now restored to its FBYV. Can I reapply for Prop 8 if I believe the marker value has dropped below my FBYV?

Yes, you have the right to request an informal review if you believe the market value of your property on January 1 has fallen below the Prop 13 FBYV.

If my assessed value is reduced, how long will it last?

Decline-in-value reassessments are temporary but last at least one year. The assessed value of your property may adjust up or down based on its market value as of January 1 of each subsequent year. Your assessed value will never increase above its factored base year value. When a property is taken off Prop 8, its assessed value will increase by an annual inflation factor not to exceed 2% per year.

What is a comparable sale?

A property sold with features and location that are similar to your property is a comparable sale. Comparable sales information helps you analyze the value of your home. For example, a property similar in location, zoning, size, number of bedrooms and bathrooms, age, quality and condition to yours that sold in the open market is a comparable sale.

What is market value?

The price at which a property, if exposed for sale in the open market with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.

What is the factored base year value (FBYV) of my property?

Proposition 13, adopted by California voters in June 1978, mandates that the Assessor appraise real property based on its value at the time of ownership or new construction.

The factored base year value (FBYV) of real property is either the market value from 1975 or the value established when the property last changed ownership or underwent new construction. This value is then adjusted by an annual inflation factor not to exceed 2% per year.

How do I apply for a Decline-In-Value assessment?

To apply for a Decline-in-Value Review, you must submit form Insert # to the Assessor’s Office between January 1^st and December 31^st . Applications are considered timely if they are postmarked by December 31^st. If December 31^st falls on a Saturday, Sunday, or a legal holiday, application will be accepted if filed or postmarked by the next business day.

On your application, you encouraged to provide information that supports your opinion of value as of January 1. The most effective documentation includes details on sales of comparable properties.