What outcome can arise from appeals heard by the California Assessment Appeals Board?

The correct choice reflects one of the primary functions of the California Assessment Appeals Board, which is to handle disputes regarding property assessments. When property owners believe their property has been assessed at a value that is too high, they have the right to file an appeal with the local Assessment Appeals Board.

The outcome of such appeals often involves a reassessment of the property's value, which can lead to an adjustment of property assessments to more accurately reflect its fair market value. This process is important because property taxes are directly related to assessed values; thus, an approved adjustment can result in a reduced property tax bill for the owner.

The other choices suggest outcomes that are not directly linked to the functions of the Assessment Appeals Board. Changes in zoning laws and increased regulatory measures are matters of land use policy and governance that occur at different governmental levels, while higher market rental values relate to broader economic factors in real estate markets, not the specific actions of the Appeals Board regarding assessment disputes. Thus, the focus here is squarely on the adjustment of property assessments, which is the primary operational output of the appeals process.