Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
850.0018 Decline in Value. A factored base year value that exceeds the market value of a property should be reduced to reflect substantial damage, destruction or other factors, such as an economic recession, causing the decline in value. The law does not require the assessor to annually reappraise all property; but reductions should be made when the assessor knows of specific properties, the values of which have declined. LTA 3/20/1992 (No. 92/24).