Do not fall for the false promise of riches with a
“Decline-In-Value” property tax adjustment- unless you plan to sell in less than three years! The short-term adjustment will never justify the longer-term costs.
If tax relief is granted, you will lose all of your Proposition 13 protections. It’s those protections that prevent your Property Taxes from being raised to more than 1.25% of your original Purchase Price!
Even if your property has lost value since your purchase date- it is unlikely that it will stay that way! And as soon as your Property recovers its value, the assessor will be right there to reappraise your home and lawfully collect a higher tax amount! And you can also expect an annual re- visit with an annual reassessment- and a likely tax increase for as long as you own the house!