Image of Albany Waterfront Trail.

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.

Click Prop13_vs_Prop8_graph.pdf (PDF – 714kb)* for a graphic depiction of how property values are assessed in declining market conditions and when market values begin to rise.

Attention!Public Counter Closure

Due to the Covid-19 pandemic and public health concerns, the Assessor's Office is temporarily closing our public counters until further notice for both your and our staff's protection. It is important that we eliminate personal contact whenever possible to fight the spread of the virus. Our technicians are still available to provide assistance via telephone from 8:30AM-5:00PM Monday through Friday.

If you need to drop-off documents, please leave them in the box provided and staff will retrieve them promptly to protect confidentiality.

We sincerely appreciate your understanding and patience during this most difficult time.