Real estate in California is assessed
in accordance with Proposition
13, which mandates that rate of the general levy be equal to assessed values be at 1% of
a property's market value and restricts the increase in assessments
to 2% per year. When a property sells in an arm-length transaction,
its purchase price is generally considered its market value,
and the Assessor will usually use the price to determine the
assessment.
When there is a decline in value, Proposition
8 allows the assessor
to temporarily lower the assessed value of your property. Proposition
8 requires the Assessor to annually enroll the lesser of a property's
Proposition 13 value or its current value.
ACG specializes in tax appeal rules and procedures for the state of California. ACG has become the foremost expert in utilizing current
laws to reduce property taxes.
