Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
170.0017 Base Year Values—Changes. Base year values are generally control figures which may be adjusted to reflect inflation or to correct an error or omission. A change in a base year value does not necessarily result in a change in a current assessed value, e.g., a newly discovered change in ownership that occurred in a prior year followed by a period of deflation where the assessment based upon the decline in value is lower than the new base year value. Revenue and Taxation Code section 51.5 is the authority for base year value corrections and contains its own time limits.
Escape assessments may or may not result from a base year value correction. Such escape assessments are subject to the time limits found in Revenue and Taxation Code sections 531.2 and 532, not those contained in section 51.5. C 5/13/1988.