Decline in Value Reassessments
Removal of Improvements:
If all or a portion of the improvements are removed from a
property, the assessed value may be lowered. If you have removed
any significant structures from your property but think the Assessor
has not recognized their removal, contact the Assessor as soon
as possible.
Calamity and Disaster Relief:
If a property is damaged by a calamity, such as a fire or a storm,
the assessed value can be lowered for the period during
which the property is under repair. Once repairs are completed,
the Proposition 13 factored base year value is restored.
The damage must exceed $10,000 in value, and an application
must be filed with the Assessor's Office within six months
of the date the calamity occurred.
Click here for a detailed
overview of Property Tax Disaster Relief Programs.
(NOTE: Do not confuse this type of Disaster Relief with ‘Base
Year Value Transfer’ disaster benefit discussed elsewhere.)
If your property was completely destroyed or suffered damage
in excess of 50% of its value in an area declared a disaster
area by the governor, you may be able to transfer your factored
Proposition 13 value from the damaged property to a similar
replacement property. See the Proposition
13 Base Year Value Transfers to Replacement Properties page
for a discussion of that benefit.
Declines in Market Value under Proposition 8:
If for any reason the current market value of a property as of
the January 1 lien date is lower than its Proposition 13
factored base year value, the assessed value can be temporarily
reduced to reflect the decline. This decline in value may
be the result of changes in the real estate market, the
neighborhood, or the property itself. The assessed value
will be reduced only after a review by the Assessor's Office.
If the assessed value is reduced, it will thereafter be
reviewed annually, unless or until its Proposition 13 factored
base year value exceeds its market value. Once the market
value of a Proposition 8 property exceeds its Proposition
13 factored base year value, the Proposition 13 value is
reinstated as the upper limit of assessed valuation.
While a property is being assessed under Proposition 8, its
assessed value may be raised or lowered by any percentage in
value each January 1. That is, Proposition 8 assessments are
not restricted by the Proposition 13, 2% maximum. However, in
no case may a Proposition 8 property be assessed a level greater
than its Proposition 13 factored base year value.
For a more detailed discussion of Proposition 8 decline in
value assessments, click here: Proposition
8 Declines in Value. Click HERE to download the Proposition 8 application form.
Back
to Assessment Information
Contacting Us  |
Madera County Assessor's Office
200 W. 4th Street
Madera, CA 93637
Telephone: (559) 675-7710
Fax: (559) 675-7654
Office Hours: 8:00 AM to 5:00 PM
Monday through Friday
Map this location for me
|
|
|
