Review will lower tax assessments on 333,000 homes

 

NEWS RICK AUERBACH

LOS ANGELES COUNTY ASSESSOR

CONTACT: ROBERT KNOWLES JUNE 1, 2009

(213) 974-3101 FOR IMMEDIATE RELEASE

 

PROPERTY TAX SAVINGS

FROM ASSESSOR’S VALUATION REVIEW

 

Los Angeles County Assessor Rick Auerbach today announced completion of a decline in value review

of 473,000 homes and condominiums in Los Angeles County. Auerbach stressed that due to the

declining real estate market, it was his responsibility to review values to make sure homes are properly

assessed.

 

“We have begun mailing results of the review to owners of single-family residences and condominiums

purchased between July 1, 2003 and June 30, 2008, and, in some hard-hit areas, as far back as 2000,”

said Auerbach. “Our review will result in lower assessments on 333,000 homes and will be reflected on

the tax bills issued in October.”

 

The average value reduction for single family residences is about $126,000, he added, amounting to

an average property tax savings of approximately $1,400. The average value reduction for condos is

about $96,000 amounting to an average property tax savings of approximately $1,100.

 

“Our free, proactive review also eliminated the need for most taxpayers to go through the application

process, and hopefully will curtail the scam mailers from private companies offering to submit a review

application for a hefty fee,” Auerbach said.

 

Homeowners whose property was reviewed will be notified of the results in writing by June 30. If they

disagree with the decision, they should contact the nearest Assessor’s District Office and discuss the

results. If owners still disagree with the value, they may file an appeal with the county’s Assessment

Appeals Board. The deadline for filing an assessment appeal is November 30.

 

Owners whose property was not reviewed, including property other than single-family residences

or condos, and who believe that their property is assessed above its actual value as of January 1,

2009, should file the simple, one-page Decline-in-Value application. The form can be downloaded from

the Assessor’s Website at http://assessor.lacounty.gov or an application can be requested by calling

888-807-2111.