Orange County Assessor, Prop.13 FBYV

		Proposition 13 Taxable Value
		Proposition 13 was adopted by California voters in 1978, and changed the definition of taxable value for all real property in the state. Taxable value of real property is now defined as the : Factored Base Year Value (FBYV), or Market value on lien date (January 1st), whichever is lower Certain types of special-use properties including historical properties, government-owned land, cemeteries and agricultural preserves are valued under different guidelines.


		Proposition 13 establishes a base year value for real estate and limits increases in the taxable value. Base year value is determined as follows: The base year value of property acquired BEFORE March 1, 1975 is the 1975 assessed value The base year value of property acquired ON OR AFTER March 1, 1975 is usually the market value when the property was transferred
		How Factored Base Year Value (FBYV) Is Calculated The FBYV of properties that HAVE NOT CHANGED OWNERSHIP since the prior lien date, (prior January 1), is calculated using the following formula: Factored base year value from prior year + Value of new construction + Consumer Price Index (CPI) increase (no more than 2% per year) New Factored Base Year Value

		Increases In Taxable Value - The 2% CPI Issue
		Your taxable value can increase more than 2% in one year if your property experienced any of the following:
		A Change In Ownership New Construction Temporary reduction(s) in taxable value in prior tax year(s)

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