Proposition 8 (Decline in Market Value)

With the passage of Proposition 8 in 1978, Section 51 was codified into the California Revenue and Taxation Code. This code section provides that the assessed value of any property shall not exceed its full market value on January 1. If you have evidence that the full market value of your property on January 1, 2012, is less than your assessed value, you may wish to complete this ‘Request for Informal Assessment Review’ form.