CAA last week partnered with Santa Clara County Assessor Larry Stone to explain how owners of multifamily properties can get a temporary reduction on their property tax assessments.

During a webinar, Stone reviewed Proposition 8, which allows for a temporary reduction in assessments. The assessor also discussed the information his office requires from commercial property owners to process tax-reduction applications for the 2021-22 tax bill.

Under Proposition 8, property owners can apply for a temporary reduction in assessed value when a property suffers a “decline in value.” A decline in value is when the market value of a property, as of Jan. 1, is lower than the current assessed value.

For multifamily property, owners will need to provide rent rolls for 2019-2020, the size of the units, renewal dates, terms and rental escalation.

Applications for the reduction are due by Feb. 26. Owners of commercial property in Santa Clara County can expect to receive a letter in early February on the process to apply for the reduction. If you do not receive a letter, please visit www.sccassessor.org. You can watch the webinar below on YouTube.