Proposition 8 in the news

The PE does a community service here in explaining that homeowners laboring under inflated home prices can get their home's temporarily reassessed to reduce their taxes. However, the new assessment isn't subject to Prop 13's limitations on yearly increases. In other words, whereas under prop. 13 you are only subject to a 2% increase in assessed value per year, under prop 8 the homeowner is subject to the whims of the market up to a maximum of the homeowner's original tax basis.