Market (Prop 8) Valuations

Market Valuations (Prop 8 Values)

Sometimes the market value of a property on January 1 falls below the factored base year value.  the base year value is established when the property changed ownership or was newly constructed. The Assessor is obligated to review the properties currently on Prop 8 and enroll the lesser of the factored base year value or market value. In the case of establishing a new market value from one January 1 to the next, properties may increase by more than the standard 2 % maximum. However, increases will always be limited to no more than the factored base year value.