The assessed value of my property increased more than 2 percent this year. There was no change of ownership or new construction. Doesn’t Proposition 13 limit annual increases in value to 2 percent?

Under Proposition 13, base year values may not be increased more than 2 percent per year. A property under Proposition 8, however, is not restricted to the 2 percent increase. For example, in a situation where a property’s market value increased 20% since the prior lien date, but the value is still below the Proposition 13 adjusted base year value, the new increased Proposition 8 value will be enrolled.