Your property tax may go down due to the value review of Los Angeles County Homes.
Los Angeles Country Assessor Rick Auerbach announced that a decline in value review of homes in LA County was completed. Because of the decline in the real estate market, review was done to assure properly accessed home values.
Auerbach noted that a review of homes and condos bought between July 1, 2004 and from June 30, 2007 were made based on the market trends in LA County. According to the news release from the assessor office, the review included 318,000 homes and condos, and lower assessment on 128,000 homes and condos will reflect on tax bill for October.
The average reduction in assessed value is about $73,000 providing an average property tax saving of $750. Auerbach said that the review would eliminate many taxpayers to make formal appeal process. If owners still disagree with the value, they can file an appeal. The deadline for appeal is November 30.
Owners who made home purchase outside of the time period for the review (July 1, 2004 - June 30, 2007) and believe their home value is assessed above the actual value as of January 1, 2008, can file a one page Decline-in Value application, which can be downloaded at http://assessor.lacounty.gov.
Homeowners should be aware that there are private companies that are offering service to check reduction in property taxes. Companies of this nature can charge hundreds of dollars. Auerbach say that solicitation may not be illegal. Owners should be aware that a review of their home may have already been done and value reduced. Plus, according to Auerbach, the Decline-In-Value form is easy to complete.
This information was provided from press news release (for immediate release), dated May 27, 2008, Rick Auerbach LA County Assessor. Contact: Robert Knowles (213) 974-3101
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