The Orange County Assessor's Office reports that more than 179,200 houses, townhomes and condos will be spared property tax hikes next fall and spring thanks to falling home values here.
Guillory
Some of those homeowners will see their taxes stay the same, but the majority will get a tax cut.
For houses and townhomes, the average tax savings will be around $1,400 in the 2009-10 tax year, said Assessor Webster Guillory. The average reduction in the assessed value for those homes will be about $120,000.
For condos, the average tax savings will be $1,000 thanks to an average reduction in assessed value of about $80,000.
A large number of homes will see their taxable values drop for a second year in a row, Guillory reported. The average drop in value for the past two years was about $195,000 for houses and townhomes and about $150,000 for condos.
The assessor's office reviewed the taxable values of more than 280,000 homes and commercial properties in the county. All homes sold between 2002 and 2008 were reviewed, Guillory said.
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