Monterey County Assessor

168 West Alisal St.
Salinas, CA  93902
(831) 755-5035

 
 

 

 


Proposition 8 Informational Letter
(Decline in Market Value)

As your elected Assessor County Clerk Recorder I want to provide as much information to the public as possible regarding property tax, document recording and other related issues. An informed public is the key to good customer service and to insuring that every property owner and resident receives fair and prompt treatment. 

Due to the decline in residential real estate values, Monterey County's Assessor, Steve Vagnini, would like to inform all County of Monterey homeowners that his staff is reviewing their upcoming 2010-11 Proposition 13 assessments to determine if a temporary reduction can be provided. The Assessor estimates that as many as 25,000 properties will receive reductions in assessments without any intervention or the need for costly assistance from outside parties. All property owners receiving a change in assessed values will receive a pre-tax bill notification in July or August, detailing their 2010-11 assessment and indicating any reduction provided.

Proposition 13, passed in 1978, established the base-year value concept for property tax assessments. Under Proposition 13, assessments for the year 1975-76 serve as the original base year values. Thereafter, a new base-year value is established whenever a property is purchased, newly constructed or changes ownership. The base-year value is increased a maximum of 2 percent per year.

Proposition 8 was passed in 1979 and requires the Assessor to temporarily lower the assessed value of property. Under Proposition 8 the Assessor will review the market value as of January 1, and enroll for the following tax year the lesser of the Factored-Base-Year Value or the Proposition 8 Market Value. Reductions in assessed value under Proposition 8 are temporary and are reviewed annually until the Factored-Base-Year value is again lower than market value and is reinstated.

Your assessed value can increase more than 2% in a single year if you have new construction (e.g. adding a room or swimming pool), had a temporary reduction due to Prop. 8, or had a qualifying change in ownership. Some property owners whose properties were in the Decline in Value Program may see an increase in their assessed value more than two percent (2%) when restoring to the factored base year value.

Important factors to remember related to a decline in value review on your property: This type of property tax relief generally applies to more recently purchased property. Property acquired after January 1, 2010 are not eligible for Proposition 8 review for the 2010-11 tax year. The Assessor will be valuing the property as of the most recent January 1st.

The total assessed value will be reviewed. There is no legal provision to review individual land and improvement assessments; only the total assessed value. Certified Appraisers will analyze sales and other information for comparable properties. Comparable sales utilized must record between October 1, 2009 and March 31, 2010. Property tax payments are due as indicated on your property tax bill. If a reduction in assessed value is warranted, a notice of correction and revised tax bill or refund will be processed by the County Tax Collector and County Auditor. Assessment Appeals

The filing period for annual assessment roll values is July 2nd through November 30th inclusive.

The Assessment Appeals Board is an independent body appointed by the Board of Supervisors to serve as the local Board of Equalization. The Assessment Appeals Board will determine the value of the property after hearing evidence from the applicant and a representative of the Assessor's Office. We welcome inquiries from property owners who believe their property may have declined in value since they purchased it. If you still have questions or wish to provide us with information about the value of your property, please call (831) 755-5035 weekdays between 8:00 a.m. and 5:00 p.m. or send an e-mail to vagninis@co.montery.ca.us 

 

   

DISCLAIMER:
THE INFORMATION CONTAINED HEREIN WAS BELIEVED TO BE VALID AT THE TIME OF PUBLICATION.  MONTEREY COUNTY RESERVES THE RIGHT TO MAKE CHANGES IN THE WEB SITE AT ANY TIME AND WITHOUT NOTICE. MONTEREY COUNTY ASSUMES NO LIABILITY FOR DAMAGES INCURRED DIRECTLY OR INDIRECTLY AS A RESULT OF ERRORS, OMISSIONS OR DISCREPANCIES. THE WEB SITE INCLUDES LINKS TO OTHER WEB SITES NOT CONTROLLED BY MONTEREY COUNTY. MONTEREY COUNTY TAKES NO RESPONSIBILITY FOR THE VIEWS, CONTENT OR ACCURACY OF THE OTHER SITES, NOR DOES IT ENDORSE ANY CONTENT OR PRODUCTS CONTAINED THEREIN.