If you purchased your home in LA County between July 1, 2004 and June 30, 2007 and feel that the assessed value on your property is much higher than its current worth due to declining housing values, you may apply for a Decline in Value Reassessment from the county tax assessor’s office.

While you may be disappointed that your property has lost value in this declining market, you should be proactive and have your assessed value reviewed. The Assessor’s website says that they will be reviewing these sales themselves and notifying you of their findings, but you can apply on your own before that time. You’ll need to send in the application found on the website and sales comps from the neighborhood showing a decline in value since you purchased the home and as of the lien date of January 1, 2008. I can run these comps for you if you are in need of my services.

Properties will be compared to sales near the lien date of January 1st, 2008. “If the market value is less than the assessed value indicated on your 2007-08  tax bill, the assessed value will be reduced accordingly.” It is important to understand that this reduction may be temporary and should the market correct, you will be reassessed accordingly at that time. Be sure to review the information on the Los Angeles County Office of the Assessor website.

Share This