Did you know that California Proposition 8 allows for a temporary reduction when a property’s market value on January 1st is below the prior year’s assessed value?  Most people who have owned their homes for many years will not qualify for a tax reduction, even if their home is worth less than it was last year…because its assessed value is still less than its market value.  However, your home may qualify if you purchased in the last few years and the home is now worth less than you paid for it.  To read more information on the appeals process read a great article from the San Francisco Chronicle by clicking here and then contact your local assessor’s office if you feel your home may qualify!