Homeowner Resources

How We Assess the Value of Your Property

 

A property’s base year value is its fair market value as of either March 15, 1975 or the date the property was last purchased, newly constructed, or underwent a change in ownership according to state law (Proposition 13). Each year, we adjust that base year value for inflation, but the increase is limited to 2%. This adjusted value is called the factored base year value (FBYV).

 

 

What is Proposition 8?
Prop 8 requires the county assessor to annually enroll either a property’s factored base year value (Prop 13 value) or its current market value, whichever is less. When the current market value replaces the higher Prop 13 value on the assessor’s roll, this lower value is commonly referred to as a “Prop 8” value.


Although the annual increase for a Prop 13 value is limited to no more than two percent, the same restriction does not apply to values adjusted under Prop 8. The market value of a Prop 8 property is reviewed annually as of January 1; the current market value must be enrolled as long as the Prop 8 value still falls below the Prop 13 value. Thus, any subsequent increase or decrease in market value is enrolled regardless of any percentage increase or decrease. When the current market value of a Prop 8 property exceeds its Prop 13 value (adjusted for inflation), the county assessor reinstates the Prop 13 value.