Under Proposition 13, the assessed value of property cannot increase by more than 2 percent per year until the property is sold, at which time it is reassessed at its full market value, usually the selling price. Until the early 1990s, inflation in realestate generally exceeded 2 percent per year, thus creating a widening gap between the assessed value and the potential market value of homes. However, during the recession of the early 1990s, property values fell throughout the state, dropping by as much as 30 percent in many places. Although the decline in property values helped to reduce the gap between market value and assessed value, it also placed a tremendous strain on Californias understaffed and underfunded county assessors offices as hundreds of thousands of residents and businesses throughout the state filed appeals for reassessment. The authors analyze this dynamic interplay between market value and assessed value and the far-reaching effects it has had on property...

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