Market Valuations (Prop 8 Values)
Proposition 8, passed in November 1978 amended Proposition 13 to reflect declines in value. As a result, Revenue & Taxation Code section 51 requires the Assessor to annually enroll either a property’s Proposition 13 base year value factored for inflation, or its market value as of January 1 (taking into account any decline in value), whichever is less.
Prop 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 Prop 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.
After July 18 property owners can review their assessed values by clicking the image below:
At this time if you believe the Assessor has erred in your valuation, you can request an informal review of your value. You may download the Request for Informal Review form after July 18, 2013. The form must be received in the Assessor’s Office by November 1st, 2013.
If you are not satisfied with the results of the Informal Review, you have the right to formally appeal your property tax assessment. To do this, you’ll need to contact the Yolo County Clerk of the Board’s office at (530) 666-8195 or apply online. There is a filing fee of $45 to file an appeal. An Application for Changed Assessment (Assessment Appeal) may be filed beginning July 2nd but must be received in the Clerk of the Board's office by November 30th**.
**For calendar years where November 30 happens to be Saturday or Sunday forms shall be accepted as timely when received in or USPS dated by or before the immediately following Monday, 5pm.