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Example
1
• I purchased my home in September 2006
for $600,000
• The total assessed value on my 2007-08 property
tax bill is $600,000.
• Sales of similar model homes in January through
March 2007 were $600,000.
• Sales in September and October of 2007 were
$570,000 and current listings for sale are even lower.
Your property in this example does not qualify for Proposition
8 relief for the 2007-08 tax year, as the assessed value
is not lower than the market value on January 1, 2007.
However, you may qualify for Proposition 8 relief next
tax year 2008-09, if the market value on January 1,
2008, is lower than the assessed value as the recent
sales may indicate.
Example 2
• I purchased my home in July 2004 for
$500,000.
• The total assessed value on my 2007-08 property
tax bill is $520,200
• Sales of similar model homes in September through
December 2007 were $475,000
Your property in this example may qualify for Proposition
8 relief, as the sales of comparable properties indicate
that the market value on January 1, 2008, is lower than
the assessed value.
Example 3
• I purchased my home in the early 1990s
• The total assessed value on my 2007-08 property
tax bill is $388,082.
• The market value of my property on January 1,
2008, was $640,000.
Your property in this example does not qualify for Proposition
8 relief, as the assessed value is lower than the market
value. This type of property tax relief generally applies
to more recently purchased property.
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