If my Real Market Value is reduced, why won’t my taxes be reduced?

With the enactment of Measure 50 in 1997, there is no link or connection between the Real Market Value (RMV) and the MAV, except for the first year “new property” is placed on the tax rolls. RMV is adjusted up or down each year based on market conditions. The Maximum Assessed Value generally increases by 3% per year (per statute) unless changes are made to the property. You pay taxes on the lower of the two values and this is called the Assessed Value.

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1. If my Real Market Value is reduced, why won’t my taxes be reduced?
2. If I file an Appeal, do I still pay my property taxes?
3. What happens after I file an Appeal?
4. What if both parties come to an agreement of value before the Board meets?
5. What if both parties still disagree as to the value of the property?