Declines in Value Under Proposition 8

Lower Your Real Estate Taxes!!

Is your home worth less now than when you bought it?  If you purchased your home during the big real estate boom of 2005 and 2006 you may have suffered a decline in property value and therefore may be eligible for a temporary reduction in your property taxes.

Proposition 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 Pop 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.

For more information on Proposition 8 please visit the Madera County website http://www.madera-county.com/assessor/assessmentinfo/prop8.html.

To download the Proposition 8 application form for Madera County click here.