News release
Los Angeles County property owners may now file an application for a Decline-in-Value Review if they believe the market value of their property has fallen below its current assessed value, according to a news release from the county Assessor’s Office.
Decline-in-Review applications are accepted annually from July 2 through Nov. 30. To file, complete the Decline-in-Value Review Application (Form RP-87), which is available on the assessor’s Decline-in-Value webpage under the Forms tab beginning July 2. The application may be submitted online.
If you believe your property’s market value as of Jan. 1 is lower than its assessed value, you may qualify for a temporary reduction in your assessed value under California law.
California’s Proposition 13 established a property’s base year value for property tax purposes and generally limits annual increases in assessed value to no more than 2% unless ownership changes or new construction occurs.
In 1978, California voters approved Proposition 8, which allows for a temporary reduction in assessed value when a property’s market value falls below its assessed value. This is commonly referred to as a Decline-in-Value review.
“It is important to remember that a Decline-in-Value reduction is temporary,” the release said. “As market values recover, assessed values may increase accordingly. As a result, property owners who received reduced assessments in prior years may see their property taxes increase by more than 2% in years when market values rise.”
Property owners can visit the Assessor’s Decline-in-Value webpage at tinyurl.com/55teh6jh for additional information about eligibility requirements, the review process, and how property values are assessed.
If the filing deadline falls on a Saturday, Sunday, or legal holiday, an application that is mailed and postmarked on the next business day will be considered timely filed.
