11/21/2008

Are You Taking Advantage of Your Decline in Market Value and Homeowner Exemptions?


Do you know about your property tax reduction option? Generally, the median home price in California is about the same as 2004, so if you bought your residence after that time, you might want to apply to the Los Angeles County Assessor for a reduction. You have until the end of this month to get your application in, so there's not much time left, but basically, you need to find two comparable properties that support your application that sold close to January 1 and through March 31 of 2008. The Assessor's site has the form and directions needed for this. You can find your own comparables through this site, but if you want help from me, please e-mail me or call me, and I will gladly provide you, via e-mail, with MLS closed listings.

If you live in Orange County, please contact your tax assessor there.


Also, some people may not be filing their Homeowner's exemption -- you may obtain a $7000 reduction in your assessed tax value (that's usually based on the selling price of your home). Originally, $7000 was a significant amount when the home values were $35,000. Today, you may get about $50-$70 off your total tax dollars owed, but a penny saved is a penny earned. You can download the form from the Los Angeles County site, for this and other exemptions including those for veterans, instititutions, real property transfer exclusions between parent/child and grandparent/child, seniors' exclusions, and disaster relief.

1 comment:

GLADSTONE SIX said...

thanks for the posting, and providing me the knowledge..



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