Tax Assessor Press Release

MAY 27, 2008, DECLINE IN VALUE REVIEW PRODUCES PROPERTY TAX SAVINGS. Los Angeles County Assessor Rick Auerbach today announced completion of a decline in value review of homes in Los Angeles County. "We looked at homes and condominiums that were purchased between July 1, 2004 and June 30, 2007, based on our analysis of market trends in Los Angeles County," Auerbach said. "The review included 318,000 homes and condos. Our analysis will result in lower assessments on 128,000 homes and condos and will be reflected on the tax bills to be issued in October." The average reduction in assessed value is about $73,000, he added, amounting to an average property tax savings of approximately $750. "In addition, this review will eliminate the need for many taxpayers to go through the formal appeal process". The 128,000 homeowners who will be receiving a value reduction will be notified in writing by June 30 of this year. If they disagree with the amount of the reduction they should contact the nearest Assessor’s District Office and discuss the results. The deadline for filing an assessment appeal is November 30. Homeowners who purchased their properties outside of the time period for the review (July 1, 2004 to June 30, 2007) and believe that their property is assessed above its actual value as of January 1, 2008, should file the simple, one-page Decline-in-Value application. The form can be downloaded from the Assessor’s Website at http://assessor.lacounty.go.