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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 and is based on fair market values of comparable sales during the calendar year and through March 30th of the following year. 

Pursuant to Proposition 8, the Assessor's Office has temporarily changed the assessed value of 840 parcels for the 2017/18 tax year, which is over 1/3 of the secured parcels in the county.

The value on the current tax bill is based on the proposition 13 factored base year value or the property's fair market values 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 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 lower assessment unless it's market value falls below the current factored base year value. 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.  You may simply contact us to discuss your questions and/or file an informal Request For Decline review.  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.