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. Larry Stone 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… Read More