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Tracy King's Blog

Decline-In-Value Property Tax Information

Homeowners, get the straight story on your property tax situation directly from the source: the Los Angeles County Assessor’s office. Here is the link to the Property Tax Portal: .

From this website, you can click onto all kinds of helpful information including:

  • Property Tax Relief for Owners of Fire Damaged Properties.
  • Information on Decline-in-Value Reassessments
  • Has My Property Been Reviewed for a Decline-in-Value?
  • Property Tax Postponement Program Suspension Statement

Your property automatically qualified for a 2009 decline-in-value review under either one of the following conditions:

The property is a single-family home or condominium purchased between July 01, 2003 (2000 in some areas based on economic conditions) and June 30, 2008.

The property is subject to annual review of a temporary decline-in-value reassessment granted for the prior assessment year (2008).

Owners of properties other than single-family or condominium (residential-income and commercial/industrial for example) may file a Decline-in-Value Reassessment Application on or before December 31, 2009.

If you need help (for free) finding sales to support your lower value, I am happy to help. But there are a couple of dates you must be aware of:
1. You only have until December 31, 2009, to file for the 2008/2009 tax year. If you miss that deadline, you can file for a reassessment as of January 1, 2010. You cannot file for that date until after April 1, 2010, and the value will be based on sales between about January 1 and no later than March 31, 2010.
2. The value we are filing for now is based on the approximate value as of January 1, 2009. The Assessor’s office is looking at sales no later than March 31, 2009.
Timesaving Tip: You can also file the Decline-in-Value application and not fill in the sales information. The Assessor’s office will still consider your application. Also, if you have been reassessed and you disagree with their number, you have missed the deadline to file. But you can file for the next tax year.
Thoroughly confused? Well, this is the government. The property tax system is intricate. The good news is that even if you miss the deadline, there is always next year. Hopefully, that will be the last of the price declines, but stay tuned.

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