By Brittney Sherman — News, Press Release, programs, Silicon Valley
According to the Santa Clara County Assessor’s Office, in 2022 the number of Prop. 8 declines in value assessments were 2,595. That number increased more than 600% in 2023. Of the 17,000 assessments found to be proactively red last year, 28% of them were commercial properties. As a result, the Assessor’s Office has announced they will open the informal Prop 8 review process 4 months early beginning February 16, 2024.
As of January 1, if property market value falls below the existing tax assessment signaling declining market conditions, the County Assessor is obligated to temporarily reduce the assessed value. Due to the anticipated influx of Prop 8 commercial property relief requests, the review process has been opened early to facilitate timely and accurate appraisals and reduce the number of costly appeals.
Learn more HERE.