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Proposition 8, in California, allows homeowners of condo’s and single family residences to apply for a lower tax rate.
When many properties in California lost value and were over-assessed, Proposition 8 was passed to help out. Homeowners just need to complete a claim form from the assessors’ office, “Decline In Value Reassessment” application.
Based on comparable sales, your property will be re-assessed and perhaps generate a lower level of taxes. Any property owner can submit an informal assessment review form, and an appraisal is not required. However, you can greatly improve the chances of accurate valuation, speed the process, and help avoid the complex appeal process, if you also provide a comprehensive Real Estate Appraisal performed by a California State Licensed/Certified Real Estate Appraiser.
That tax base will last until the State decides to change it.
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