Prop 8 Powerpoint(rev 5-20)
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Values<br />
$1,100,000<br />
$1,050,000<br />
$1,000,000<br />
$950,000<br />
$900,000<br />
$850,000<br />
$800,000<br />
$750,000<br />
$700,000<br />
$650,000<br />
$600,000<br />
RED DASHED LINE = Market Value<br />
Green Values = PROP 8 VALUES<br />
BLUE LINE = PROP 13 VALUES<br />
$800,000<br />
$800,000<br />
$875,000<br />
$816,000 $832,3<strong>20</strong><br />
$700,000<br />
$848,966<br />
$725,000<br />
$865,946<br />
$775,000<br />
$883,265<br />
$850,000<br />
$1,000,000<br />
$900,930<br />
1 2 3 4 5 6 7<br />
Years<br />
Year 1 - $800,000 market value<br />
enrolled as the <strong>Prop</strong>.13 base value due<br />
to a change of ownership.<br />
Year 2 - Even though the market<br />
value of the house increased to<br />
$875,000 in the second year, the<br />
assessed value is $816,000 ($800,000<br />
plus the 2% increase allowed under <strong>Prop</strong><br />
13).<br />
Years 3 - 6 – The property experiences<br />
a decline in value. <strong>Prop</strong> 8 values of<br />
$700,000, $725,000, $775,000, and<br />
$850,000 are respectively enrolled.<br />
Year 7 – The factored <strong>Prop</strong>. 13<br />
value of $900,930 is reinstated as the<br />
assessed value. Though the market<br />
value is at $1,000,000, the Assessor<br />
may only enroll the original base value<br />
($800,000) plus 2% for every year after<br />
the base year was established.<br />
6<br />
June <strong>20</strong><strong>20</strong>