The Prop 8 (Decline in Market Value)
Review Process
Proposition 8, passed in November 1978, amended Proposition
13 to reflect declines in value. As a result, Revenue & Taxation
Code Section 51 requires the Assessor to annually enroll either
a property’s Proposition 13 base year value factored for
inflation, or its Market Value as of January 1(taking into account
any factors causing a decline in value), whichever is less.
Prop 8 reductions in value are TEMPORARY reductions
which recognize the fact that the current market value of a property
has fallen below its current (Prop 13) assessed value. Once a
Prop 8 value has been enrolled, a property’s value must
be reviewed each following January 1, to determine whether its
then current market value is less than its Prop 13 factored value.
When and if the market value of the Prop 8 property increases
above its Prop 13 factored value, the Assessor will once again
enroll its Prop 13 factored value. Prop 8 values can change from
year to year as the market fluctuates up and down, but in no
case may a value higher than a property’s Prop 13 factored
value be enrolled. Click HERE to download the Proposition 8 application form.
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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
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