Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014

Property Tax Annotations

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850.0000 VALUE

Annotation 850.0018

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).