Los Angeles County Homeowners - It is Time to Appeal Your Property Tax Assessment
In Los Angeles County, your property tax is based on LA County Tax Assessor’s determination of your property value. As a homeowner, you have an opportunity to challenge your assessed property value between June 1 and November 30 of the current year. Now, is that time of the year to challenge LA County Tax Assessor’s value of your home and reduce your property tax. I encourage you to review your property tax value to determine if your property is being assessed a higher value than necessary.
On the average, your property tax will the assessed value multiplied by 0.0125. Thus, if your property is valued by the Tax Assessor at $700,000, your annual property tax will be approximately $700,000 x 0.0125 = $8,750. However, if you can find 2 comparables that sold between January 1 and March 31 of the current year that support a value less than $700,000 (e.g. $500,000), then your property tax will be $500,000 x 0.0125 = $6,250. This example realizes a $2,500 savings for the current year.
To challenge LA County Tax Assessor’s value of your home, you should complete the below 2 Forms, attach 2 comparables that sold between January 1 and March 31 of the current year, and file the completed Forms. You can obtain comparables from your Realtor. You must file the Forms between June 1 and November 30 of the current year.
If you are interested in selling your home or purchasing a home, contact Bandele Oguntomilade at 818-825-6996. Bandele Oguntomilade is a Certified Residential Specialist and the Broker and Owner of Bogun Realty and Luxury Homes in Woodland Hills, California. You may visit us at http://www.BogunRealtyAndLuxuryHomes.com.