Politics & Government
Time to Reassess Property Tax
Apply by Nov. 30 for property tax reassessment. 'Property values have dropped in nearly every area of Los Angeles County,' tax assessor says.
Los Angeles County homeowners have until Nov. 30 to ask for a reassessment that could cut their property tax bill, said the county assessor Tuesday.
L.A. County Assessor John Noguez urged property owners to ask for a free review of residential and commercial properties to see if they are eligible for reduced property taxes.
"Property values have dropped in nearly every area of Los Angeles County," Noguez said.
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State law allows for a reduction in assessed value when the market value of a property is less than its assessed value. Even if reassessments reduce revenue, the Assessor's Office is legally bound to make sure valuations are accurate.
The office has already reviewed some properties and mailed notices about adjustments months ago, a spokesman said.
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Residential homeowners, people who want to dispute valuations or those with commercial properties can file an application for a review by Nov. 30. Applications are available at http://assessor.lacounty.gov or by calling 888-807-2111.
The county taxes about 2.4 million homes and businesses. The total appraised value in 2011 was more than $1.1 trillion.
