The values of single-family residences and condominiums throughout the State have been declining. While the declines in Los Angeles County have not been as dramatic as those in other parts of the State, property values have dropped in nearly every area of Los Angeles County.
How does this impact your property taxes? California law allows for a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on your most recent property tax bill.
In 2008, the Los Angeles County Assessor’s Office began proactively reviewing the values of single-family residences and condominiums based on an analysis of market trends in Los Angeles County.
You can check the "My Decline-in-Value Review Status" webpage to find out if your property automatically qualified for a review.
Click here to see if your property has been reviewed for a decline-in-value.
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