Los Angeles Real Estate owners: How to get your property taxes reduced
Written on July 1, 2011 by Rose Ryrie
I would love to tell you that as a real estate agent my phone rings off the hook with people wanting to buy and homes. Often, it rings off the hook with questions. One common question is for plumbing, contractor, attorney, etc. recommendations and I have published my local service providers list at HarbsList.com.
Another common query concerns property taxes and how to file a reduction. Proposition 8, grants 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 current assessed value as of January 1.
Eligibility
1. You must prove that on January 1, the market value of your property was less than its current assessed value.
2. Prior to November 30, you file a Decline-in-Value Review Application.
Procedure
1. On the Decline in Value form, provide the Assessor with information regarding two similar sales which sold near January 1, but no later than March 31. Your real estate agent can assist you with selecting the best comparables.
2. Your claim will be reviewed. If the market value as of January 1 is less than the trended base value, your assessed value will be lowered to the market value for the fiscal year beginning on July 1. The adjusted value will be reflected on your annual tax bill.
3. If the current market value is higher than the trended base value, no change in assessed value will be made.
For real estate located in Burbank, Glendale, La Canada, La Crescenta, Montrose and portions of the San Fernando Valley you can contact the Sylmar office at (818) 833-6000 (which is much more helpful than the Down Town Los Angeles office)
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