How To Reduce Property Tax In Los Angeles
Are you a homeowner interested in knowing how to reduce property tax in Los Angeles? Most homes in Los Angeles declined in value in the last few years. This has prompted homeowners to look for any way possible to recoup some of the loss. One way is to have your property reassessed. However, there are more ways to reduce your property tax in Los Angeles. If your circumstances fall into one of these four categories you may be able to reduce your property tax obligation.
1. Has your property been damaged costing $10,000 or more? Unfortunately, Los Angeles homes are vulnerable to fires, earthquakes and floods among other calamities. If you property has suffered $10,000 or more damage you can request an immediate reassessment and receive a reduced property tax bill or a refund. The application must be filed within twelve months of the calamity.
2. Did you receive your property from you parent? Proposition 58 provides property tax saving by preventing the reassessment of property when it is transferred between parent and child. The transfer of property may be a gift, an inheritance or a change in title. The claim must be filed within three years of the date of transfer.
3. Are you 55 years or older and considering selling your main residence to purchase another home? Proposition 60 and 90 can reduce your Los Angeles property tax by preventing reassessment when you sell your existing home to purchase a new one. The new home must be worth the same or less than your original home. This will reduce you property taxes if the property tax on your current home is very low. Prop 60 and 90 can only be granted one time, and must be done within a two year time frame.
4. Do you disagree with the Assessor’s property assessment? If your property value has dropped dramatically you may want to have your home reassessed. Start by contacting the Los Angeles Assessor’s Office and requesting an informal review. If you disagree with the Assessor’s property assessment, you can appeal the assessed value by contacting the Assessment Appeals Board.