In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1. For more information please follow the link to the Los Angeles County website with eligibility details and more information.

Filed under: Industry and Economic News on November 30th, 2009