Frequently Asked Questions
WHAT IS A PROPERTY TAX AGENT?
Terms and Definitions
Proposition 8 (decline in value) is a temporary reduction in assessed value based on a overall decline in the fair market value of a property in relation to its current assessed value.
Base Value Is the original assessed value of a property typically based on purchase price in an open market transaction or when newly constructed. After 4 years Base Value is assumed to be correct.
M&C (misfortune and calamity) is a value reduction to property due to disaster (ex. Flood fire earthquake). Assessed value is temporarily reduced to reflect actual damage to property.
New Construction is any addition or alteration which enhances the value of property and excludes replacement. This includes pools and patios, room additions, complete structures and onsite improvements.
Lien Date is the date in which taxes become a lien on property. The Lien date is January 1 of any given year and is the date of value for decline in value (proposition 8) appeals.
Date of Death is the date of value for transfer of property of a decedent. Property may be reassessed upon date of death.
Depreciation is any loss in value due to any cause inside or outside of property. It may be due to age, design or location.
Contamination is typically related to land and its impaired value, estimated by cost to cure or repair the damage to land.
Ownership Issues are related to changes in title which may (or may not) re-assessable. Ownership issues typically are not value issues but related to how title is held before and after a change in ownership. For example removing a co-signor from title is non re-appraisable.
Assessed Value is the taxable value of a property against which a tax rate is applied to arrive at total property tax.
Improvements are all buildings, structures, fixtures, walls and fences affixed to the land.
Escape Assessment is a tax assessment made after the close of the regular assessment roll.
Supplemental Assessment is a tax assessment for a change in value due to new construction or ownership change.
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