Por qué el valor catastral podría aumentar más del 21 %

Why Assessed Value May Increase More Than 2%

By law, the Assessor must annually enroll either a property’s Prop 13 value (factored for inflation by no more than 2% annually), or its current market value on the lien date (January 1), whichever is less. When a property’s current market value falls below the Prop 13 value, that lower value is commonly referred to as a “decline in value” assessment, or simply the “Prop 8 value.” Prop 8 assessments, are TEMPORARY reductions for one year. Once a Prop 8 reduced value has been enrolled, that property’s value must be reviewed on the subsequent January 1.

As the real estate market begins to recover, the temporary Prop 8 value will be increased until it is restored back to its Prop 13 factored base year value. Increases to a Prop 8 assessment are not subject to the 2% increase limitation as are Prop 13 values. A Prop 8 value may be increased or decreased, depending on the market activity in your neighborhood. However at no point can the value be increased above your factored Prop 13 value.

For an explanation of how property values are assessed during declining market conditions and when market values begin to rise, visit our Decline in Market Value (Prop. 8) page.