California real estate values have fluctuated wildly in different localities over the past 25 year.  When values fall, a property owner may apply for a property tax value reduction when warranted. 

     What happens if a reduction is granted for one year?  Must the owner apply for another reduction?

     Apparently not, unless the county assessor gives notice that the reduced value has been increased.  See State Board of Equalization opinion letter 93-71.