California’s Proposition 13 established the base year value for property tax assessment. It also caps the growth of a property’s assessed value at no more than two percent a year unless the market value of a property falls below the base year value.

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.

ELIGIBILITY

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 Decline-in-Value Review Application, form RP-87, with the Assessor between July 2 and November 30 for the fiscal year beginning on July 1. Applications are valid if postmarked by November 30. If November 30 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or postmarked by the next business day.

For Application, please visit https://assessor.lacounty.gov/wp-content/uploads/2019/06/2019-Decline-In-Value-Review-Application.pdf

For more information and source of this information please visit https://assessor.lacounty.gov/decline-in-value/