Thursday, May 10, 2012

Property Tax Adjustments Start June 30

A couple of neighbors have asked me about getting their property taxes adjusted. It’s actually a pretty simple process and is available only between June 1 and November 30.
(This probably only applies to you if you bought your home in The Meadows between 1999 when the real estate boom started and 2008 when it ended. It could also apply if you had a major remodel during that time and your property taxes were adjusted.)

It’s called a “Decline-in-Value Review”. From the L.A. County Tax Assessor’s website, the instructions are:

“If the current market value of your property is less than its current assessed value, you may qualify for tax relief.  Call the Los Angeles County tax Assessor’s office at 213-974-3211 or 1-888-807-2111 toll free for additional information.

The Decline-in-Value Review Application, form RP-87, is available online from June 1 through November 30.”

I reviewed the sales in The Meadows since 1999 and it appears that some residents would be good candidates for this if they haven’t already done so.

It will require getting information on two comparable properties that recently sold.  You can see those on the Tax Assessor’s website or I’m happy to identify them for you.  We’ve had three strong sales so far this year which are helping with our values, but they are lower than those sales that occurred before 2009.
The tax assessor’s site is
Click on Tax Savings Programs and then Decline of Property Values.

Let me know if I can help.

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