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

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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