Proposition 8 – Decline-in-Value Review
If the current market value of your property is less than its current assessed value, you may qualify for tax relief.
Eligibility Requirements: 1) You must demonstrate that on January 1, the market value of your property was less than its current assessed value.
2) You must file a form RP-87 Decline-in-Value Review Application with the Assessor between July 2 and November 30 for the fiscal year beginning on July 1.
Forms are available at assessor.lacounty.gov, may also be requested by mail or email (firstname.lastname@example.org) or in person at any of assessor offices.
The Process 1) On your claim form, provide the Assessor with information that supports your opinion that the market value for your property is less than the assessed value. The best supporting documentation is information on sales of comparable properties. You should select two comparable sales that sold as close to January 1 as possible, but no later than March 31.
2) An appraiser will review your claim form and the information you provide. Other sales information available to the Assessor may also be considered. If the market value as January 1 is less than the trended base value, your assessed value will be lowered to the market value for the fiscal year beginning on July 1. The Adjusted value will be reflected on your annual tax bill.
3) If the current market value is higher than the trended base value, no change in assessed value will be made.
If you filed RP-87 by November 30, you will receive notification by mail before July 1. The reassessments are not permanent but last at least one year.
Disaster Relief You may be eligible for tax relief if your property is damaged or destroyed by a calamity, such as fire or flooding. To qualify, you must file a misfortune or calamity claim with the Assessor’s Office within 12 months from the date the property was damaged or destroyed. The loss must exceed $10,000 of current market value.
There are slightly different rules that apply depending on whether the damage is caused by a widespread event that results in a governor’s proclamation of disaster or by a specific misfortune such as flood, fire, or landslide.
Forms and information can be found on the Assessor’s website.