I found this great Q & A pdf from the Orange County, CA government website (ocgov.com) that addresses many of the property tax questions you might have. You can download the PDF below.
“In 2010, the Orange County Assessor reviewed the value of 317,000 properties in the County, including single-family homes, condos, townhouses, multi-family and commercial/industrial properties. Approximately 190,000 properties received a Taxable Value reduction for the 2010/11 tax year. There is no limit to the adjustment, up or down, that the Assessor can make in one year to adjust for changes in Taxable Value. “-from the opening page of the Q & A.
Please click here for the download: