If you bought your home in the last two years, you might be able to benefit from California's Prop. 8. This proposition allows you to have a temporary reduction in your property taxes.
If you bought in '06 for $669K and today your home is worth $639K, Prop 8 will allow a temporary reassessment at the new reduced value. As values increase in the future, your tax assessment will go back to its Prop 13 purchase assessment.
Read Here for the details on getting your "decreased value" assessment and the process of future reassessments.
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