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Has Your House Declined In Value? You May Be Eligible for a Property Tax Reduction!

By
Real Estate Agent with The Shannon Jones Team DRE #01247705

If your Los Angeles County home has declined in value, you may be eligible for a reduction to your property taxes.

Most homeowners are aware that the values of single family homes and condos throughout the state have been declining in recent years, but they may not be aware that the decline means they can save money on property taxes. California law allows for a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on your most recent property tax bill.

In 2008, the Los Angeles County Assessor’s Office began proactively reviewing the values of single-family residences and condominiums based on an analysis of market trends in Los Angeles County. While property owners may still file a 2011 Decline-in-Value Review Application, their property may have already been reviewed.

If you didn't receive a notice stating your property value was reviewed or adjusted, you may want to file an application -- or an appeal if you disagree with the results. Due to their complex nature, multi-residential apartments, commercial, and industrial properties were not proactively reviewed. Owners of these types of properties may submit a 2011 Decline-in-Value Review Application during the filing period of June 1st through November 30th.

You will need two comparable sales to include with the application. If you email our team information about your property, we will be happy to provide those at no charge. You can email us at Info@ShowMeHome.com.

If you receive a solicitation in the mail from any company that wants to charge you to assist with appealing your property valuation, please know that we are happy to provide you with the same information for FREE. Do not waste your money on one of these scams!

Posted by

 Shannon Jones

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Shannon Jones is a Realtor residing in Long Beach, CA. She leads an award-winning real estate team that has been serving home buyers and sellers in Long Beach and surrounding communities since 1998. Shannon and her team provide their clients with high quality marketing and excellent service. You can check their reviews on Yelp or Zillow.  

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CalBRE License #01247705 / 562-896-2456 / Shannon (at) ShowMeHome.com
 

Comments (1)

Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Shannon,  Great information for home owners.  With these crazy times, it is great to have someone out there to help homeowners save wherever they can

Oct 15, 2011 05:34 AM