San Fernando Valley Homeowners – It’s Time to Lower Your Property Taxes!

“Render unto Caesar what’s Caesar’s,” but no more.  It’s that time of the year for San Fernando Valley homeowners to take steps to lower their property tax bills.  The narrow window to file a “2011 Decline-in-Value Review Application” is June 1, 2011 through November 30, 2011 – i.e. right now! The window to file an Appeal with the Los Angeles County Assessment Appeals Board is July 2, 2011 through November 30, 2011.  After November 30, 2011, it will be too late to lower your property tax assessment for the 2011 year.

      

 

It is not news that property values have generally declined in San Fernando Valley, like the rest of California, in the last few years.  It is also not news that California law allows for a temporary reduction in assessed property value when a property suffers a decline-in-value. Los Angeles County Tax Assessor typically claims to review and reassess property values of single family homes in the county, thereby, automatically lowering single family homeowner’s property tax liability without the homeowner having to take any action. 

 

Unfortunately, too many homeowners have discovered that the “automatic reassessment” done by the Los Angeles Tax Assessor really does not adequately lower the homeowner’s property value to its true present value.  As such, homeowners who do not take proactive steps to appeal the Country’s “automatic assessment” find themselves paying significantly more taxes than they should be paying.

 

If you own a multi-residential property, commercial or industrial property, the county assessor does not automatically reassess your property value despite declining property values.  Owners of multi-residential property, commercial or industrial property must take proactive steps to file the necessary 2011 Decline-in-Value Review Application and/or Appeal immediately, but no later than November 30, 2011.  It is also strongly recommended that owners of single family homes should review their 2011 property tax assessment and take necessary steps to get their property values lowered to its true current value.

 

The process of lowering your property value and tax assessment is relatively easy. Obtain a “2011 Decline-in-Value Review Application” and/or an “Application for Changed Assessment 2011/12” from www.LACounty.gov or CLICK HERE.  Obtain two comparable sales for your property that sold between January 1, 2011 and March 1, 2011.  To find out What’s Your Home is Worth Today, CLICK HERE.  Complete the Application(s), attach the two comparables, and mail to Los Angeles County Assessor at the address provided in the forms.

 

On the average, in Los Angeles County, your property tax liability is determined by multiplying your current property value by 0.0125.  Thus, if you purchased your property for $500,000 in 2007, your property tax for 2007 would have been $500,000 multiplied by 0.0125 which is $6,250.  However, based on current trend of declining property values, if your current property value has declined to $350,000 as of 2011, your current property tax liability should be $4,375 which would entitle you to a property tax reduction close to a $2000. 

 

Yes, we must render to Caesar/L.A. County Assessor what belongs to them, but there is no reason to pay more than you owe!  Take prompt steps now to reduce your property tax liability.

 

To find out What’s Your Home is Worth Today, CLICK HERE.

OTHER USEFUL LINKS:                              

What’s My Home Worth Today  CLICK HERE
Search MLS – All Homes CLICK HERE
Get $1000 at Close of Escrow with Bogun Realty & Luxury Homes towards Your Closing Costs CLICK HERE
Best Home Deals in Woodland Hills CLICK HERE
Bargain Luxury Homes in Woodland Hills, Hidden Hills, Calabasas, Bell Canyon CLICK HERE
Foreclosures + Bank-Owned Homes in Woodland Hills CLICK HERE
Short Sale Homes in Woodland Hills CLICK HERE
Fixer-Upper + Bargain Homes in Woodland Hills CLICK HERE
Best Home Deals in Encino CLICK HERE
Foreclosures + Bank-Owned Homes in Encino CLICK HERE
Short Sale Homes in Encino CLICK HERE
Fixer-Upper + Bargain Homes in Encino CLICK HERE
Bargain Luxury Homes in Encino CLICK HERE
Best Home Deals in Calabasas CLICK HERE
Foreclosures + Bank-Owned Homes in Calabasas CLICK HERE
Short Sale Homes in Calabasas CLICK HERE
Fixer-Upper + Bargain Homes in Calabasas CLICK HERE
Best Home Deals in Studio City CLICK HERE
Foreclosures + Bank-Owned Homes in Studio City CLICK HERE
Short Sale Homes in Studio City CLICK HERE
Fixer-Upper + Bargain Homes in Studio City CLICK HERE
Bargain Luxury Homes in Studio City CLICK HERE
Seller Financed, Owner-Will-Carry, Lease-Option Homes CLICK HERE
Fast-Track Short-Sales are Available to Home-Sellers in Distress – APPLY HERE! CLICK HERE
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11 High Cost Inspection Traps You Should Know About Weeks Before Listing Your Home For Sale CLICK HERE
Avoid These Costly Home-seller Mistakes When You Sell Your Home CLICK HERE

Bandele Oguntomilade is the broker and owner of Bogun Realty and Luxury Homes in Woodland Hills, California.  You may visit us at http://www.BogunRealtyAndLuxuryHomes.com or call 818-825-6996.

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