Econ Prof, I filed the Prop. 8 “Decline-in-Value Reassessment Application” on 03/28/08. The instructions specified the comps had to be as of January 1, 2008, but no later than March 31, 2008, so my comps were timely and relevant. It appears the reassessment I received was a blanket response to the changing property values as it was bulk applied to my neighborhood and not a response to my reassessment request. I am going to file an appeal soon.
The form indicates the voluntary reassessment is for FY 2008-2009, that is, July 1, 2008 through June 30, 2009. That is why I am flummoxed that the 2% Prop 13 allowed increase in assessed value for FY 2008-2009 was added in and then backed out in calculating the Prop 8 assessment. What a way to increase the tax basis a wee bit!
