Decline in Value
Much of the Butte County real estate market experienced a decline in value in recent years. Property values are now increasing in many areas. Property owners can find their assessed value using the Assessed Value Look-up Tool.
If you feel that your property value warrants review due to a decline in market value, you may file an Application for Appraisal Review (PDF) with the Butte County Assessor's Office in person, by mail or even by email at:
25 County Center Drive
Oroville, CA 95965
Email the Assessor's Office
- Supplemental Assessment - no later than 60 days after the date on which the assessee was notified by Supplemental Assessment Notice
- Regular Assessment - July 2 through November 30
Property Value Reassessment is a free service. Private companies may send official-looking notices to the public indicating that taxpayers are required to pay a service charge to those companies in order to file the necessary papers for a review of their property values. This service is available at the Butte County Assessor's Office for free.
Understanding Proposition 8
Proposition 8, passed by voters in November 1978, amended Proposition 13 in order to recognize declines in value of real property for property tax purposes. Prop 8 requires the Assessor to annually enroll either the property's factored base year value or the current market value as of January 1st of each year, whichever is less. The lower, January 1st current market value is referred to as a "Prop 8 Value".
Prop 8 Value adjustments are temporary reductions made to recognize that the current market value of a property has fallen below its factored base year value. Unlike Prop 13 base year values, properties enrolled under Prop 8 provisions are not subject to the annual 2% increase limitation. Once Prop 8 values are enrolled, the property value must be annually reviewed and adjusted to reflect either the current January 1 market value or the original factored base year value, whichever is less. Although the market values of all properties may decline during a recession, not all will qualify for a Prop 8 reduction. The current market value must fall below the factored base year value before the decline can be recognized and the enrolled value adjusted.
My property value was reduced under Proposition 8. Now the assessment has increased. Why?
Proposition 8 provides that your taxable value does not exceed the current market value of the property. Once a value is reduced under Proposition 8, it is reviewed annually and adjusted, according to the market value. Once the market value exceeds the adjusted base value, it will be restored to the adjusted base value.