Property tax cuts coming to 128,000 L.A. homeowners

News item from today's L.A. Times: "The number of homeowners in Los Angeles County who will receive a lower property tax bill grew to 128,000 this week because of the deteriorating real estate market.... Those receiving a reduced assessment in Los Angeles County will receive a written notice before June 30. On average, their tax bills will be $750 lower than last year."

Don't like the county's decision on your reassessment? You can appeal, but be patient: The current backlog to have your appeal heard now stands at one year, The Times reports.

Backstory: In early May, the assessor's office reported it would lower property tax bills for 89,000 L.A. homeowners by an average of $684.  The assessor's office is in the process of reviewing assessed values of 318,000 L.A. County houses that changed hands between July 2004 and June 2007.

Property tax cuts coming for 89,000 L.A. homeowners

I have good news for 89,000 L.A. homeowners today: You're getting a property tax reduction.

Now I have bad news: The value of your house has declined by, on average, $68,000.

Update from the L.A. County Assessor's office: The office is roughly halfway through a review of 316,000 single-family homes and condos for potential decline in value. The review covers homes purchased between July 1, 2004 and June 30, 2007. Numbers:
--186,000 homes have been reviewed.
--Assessed values have been reduced on 89,000 homes.
--Average reduction in assessed value is $68,400.
--Average reduction in property taxes is $684 per house.

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Photo Credit: L.A. Times