Los Angeles County Homeowners – It is Time to Appeal Your Property Tax Assessment

Los Angeles County Homeowners – It is Time to Appeal Your Property Tax Assessment

In Los Angeles County, your property tax is based on LA County Tax Assessor’s determination of your property value.  As a homeowner, you have an opportunity to challenge your assessed property value between June 1 and November 30 of the current year.  Now, is that time of the year to challenge LA County Tax Assessor’s value of your home and reduce your property tax.  I encourage you to review your property tax value to determine if your property is being assessed a higher value than necessary. 

 

 

On the average, your property tax will the assessed value multiplied by 0.0125.  Thus, if your property is valued by the Tax Assessor at $700,000, your annual property tax will be approximately $700,000 x 0.0125 = $8,750.  However, if you can find 2 comparables that sold between January 1 and March 31 of the current year that support a value less than $700,000 (e.g. $500,000), then your property tax will be $500,000 x 0.0125 = $6,250.  This example realizes a $2,500 savings for the current year.

To challenge LA County Tax Assessor’s value of your home, you should complete the below 2 Forms, attach 2 comparables that sold between January 1 and March 31 of the current year, and file the completed Forms.  You can obtain comparables from your Realtor.  You must file the Forms between June 1 and November 30 of the current year.

Form 1: 2013 Decline-In-Value Review Application

Form 2:  Application for Changed Assessment 2013/14

If you are interested in selling your home or purchasing a home, contact Bandele Oguntomilade at 818-825-6996.  Bandele Oguntomilade is a Certified Residential Specialist and the Broker and Owner of Bogun Realty and Luxury Homes in Woodland Hills, California.  You may visit us at http://www.BogunRealtyAndLuxuryHomes.com.

Advertisements

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: