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I'm no money expert, so I'm probably wrong, but I believe Prop 13 says that your property taxes can only go up 2% per year. So, since this roller coaster ride only started about 5 years ago, I don't think the County has changed people's property values that much anyway. So I don't think people that have owned their property for more than 5 years will be affected much. New home owners is another story. New owners may be reaping the benefits of Prop 8, which has no restriction in lowering the value. If you have bought a house recently and it took that 100,000 dollar hit, you should contact the assessors office. I did before all this mess when my appraisal on an equity loan was well under the assessed value.
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