Riverside County property owners who believe their home, business or other fixed asset fell in value in the last year — and therefore should be taxed less — were encouraged Tuesday to apply for assessment reductions as soon as possible.
“Our office reviews market conditions each year to determine where adjustments are warranted under Proposition 8,” county Assessor-Clerk-Recorder Peter Aldana said. “For property owners who believe their value needs additional review, the request for review provides a direct way for us to take a closer look.”
Property tax assessments for the most recent tax year are valued as of Jan. 1.
Aldana said that, ideally, reduction requests should be submitted by May 15 to give the office more than enough time to conduct research and set a date for a hearing, if necessary. However, under state law, owners are free to file requests until Nov. 1.
That provision paves the way for hearings before Assessment Appeals officers and boards if reductions are not approved after the initial filing.
Prop 8 followed voter approval nearly five decades ago of Proposition 13. That statewide property tax mitigation measure, spearheaded by Howard Jarvis, resulted in inflation controls specifying that taxes can only go up on an additional 2% of tax increment each year, though there are exceptions.
Details on how to file Prop 8 review requests can be found at rivcoacr.org/decline-in-value-proposition-8.