A Decline-in-Value review could lower your assessment, and the filing window is open now through November 30. Here's what to know before you apply.
Property taxes are one of those bills most of us pay without ever questioning. The amount shows up, we pay it, and we move on. But here's something a lot of Long Beach homeowners don't realize: if your home's market value has dropped below what the county says it's worth, you may be paying more than you should, and there's an official process to have it reviewed.
It's called a Decline-in-Value review, and the Los Angeles County Assessor's filing window is open right now. So let me walk you through what it is, whether you might qualify, and the deadline that matters.
1. What a Decline-in-Value review actually is. Back in 1978, California voters passed Proposition 8, which allows for a temporary reduction in your assessed value when your property's market value falls below it. That's the whole idea in one sentence. It works alongside Proposition 13, the more familiar law that sets your property's base year value and generally caps annual increases in assessed value at no more than two percent, unless ownership changes or you've done new construction.
When the market dips below your assessed value, Prop 8 is the release valve that can bring your tax bill down to match.
2. Whether you might qualify. The test is straightforward: you have to show that as of January 1, your property's market value was lower than its current assessed value. If you bought near the top of a hot market and values in your neighborhood have softened since, this is worth a serious look.
The best way to support your case is with comparable sales, homes similar to yours that sold as close to January 1 as possible, and no later than March 31. If those comparable sales came in below your assessed value, you have a real argument to make.
"You may be paying more property tax than your home is actually worth."
3. How and when to file. To apply, you complete the Decline-in-Value Review Application, known as Form RP-87, which is available on the Assessor's Decline-in-Value webpage, and it can be submitted online for convenience. The filing window runs every year from July 2 through November 30, so it's open now.
One helpful detail: if the November 30 deadline lands on a weekend or a legal holiday, an application mailed and postmarked the next business day still counts as on time. But I wouldn't cut it that close. If you think you qualify, the earlier you file, the better.
4. One thing to keep in mind. A Decline-in-Value reduction is temporary, and that part matters. As the market recovers, your assessed value can climb back up to match, which means in a year when values rise, your property taxes may increase by more than the usual two percent.
That's not a catch or a downside; it's simply how the program works. It reflects real market value in both directions. Knowing that up front just helps you understand your bill when values bounce back.
The bottom line is that this is a legitimate, homeowner-friendly process that exists specifically to make sure you're not overpaying when the market shifts. A lot of people simply never hear about it. If you're not sure whether your home's current value has dipped below its assessed value, that's exactly the kind of thing I can help you figure out, and I'm happy to pull the comparable sales for your neighborhood so you can decide whether filing makes sense. Call or text me at 562-316-2915, email me at [email protected], or visit theelmerteam.com.
