Decline of Market Value
Proposition 8 Temporary Reduction in Value
The Assessors has an obligation to recognize declines in market value and to temporarily reduce assessments, when warranted. The Assessors office is very aware of the property values throughout the county and reviews all properties to determine which ones are eligible for a temporary change in value (Proposition 8). We have been reviewing and applying Proposition 8 reductions since the downturn in the real estate market. This process is performed yearly for Lien Date (January 1st) and is based on full cash value of comparable sales (if available) during the prior calendar year and through March 30th of the following year.
Pursuant to Proposition 8, the Assessor's office has already reviewed all parcels and temporarily adjusted the assessed value for any parcel that required it for the 2020/21 tax year.
The value on the current tax bill is based on the proposition 13 factored base year value or the property's full value during the prior calendar year and through March 30th of the following year. The taxable value will reflect whichever is lower. Keep in mind that while a property is benefiting from a temporary Proposition 8 reduction, property values can go up or down more than Proposition 13's standard 2% (view the State Board of Equalization Proposition 8 News Release). A property will not benefit from a lowered assessment unless it's full value falls below the property's current Prop 13 factored base year value. Any value changes are reflected on the current tax bills. The first tax bill installment is delinquent after December 10 and second installment is delinquent after April 10.
In Alpine County's changing real estate market, neighborhood values may be going up or down. If you believe that the market value of your property as of January 1st is less than the value shown on the tax bill that came out in September of that same year, you have several options. First, you should contact the Assessors office to discuss your questions. You may choose to file an informal Request For Decline in value review and the Assessors office will contact you regarding your concern. Most property value concerns can be handled in this manner, but if you are not satisfied after discussing your value with the Assessors office, you can file a formal assessment appeal application with the County Clerk, which will be heard by the local Board of Equalization. The goal in the Assessors office is to establish an accurate and fair assessment and we welcome you to contact us if you have any questions or concerns regarding your property value.