Posted on 03/21/2008 6:37:03 AM PDT by shrinkermd
...The values of more than 41,000 homes have been reassessed downward so far in Los Angeles County, resulting in an average tax saving of $660. Other counties have barely begun the reassessment process but promise to get the job done before property tax bills are mailed in October...
...Around the Southland, officials are automatically reevaluating homes purchased in recent years, especially at the height of the housing bubble from 2004 to 2007. Thousands of homeowners have also filed informal requests.
As of March, the average home price in Southern California was down 19% from its peak. But owners are allowed a reduction in property tax assessment only if their home value declines below what is known as "Proposition 13 limits." Those limits are determined by the assessed value at the time of purchase plus up to 2% each year after that, if home values increase.
The effect of the reassessments on county coffers could be tremendous, and next year will be only the first of at least several years affected by the housing downturn, said Los Angeles County Supervisor Zev Yaroslavsky.
(Excerpt) Read more at latimes.com ...
If only my property taxes would go down. Ain’t holdin’ my breath though.
Many of the homes purchased in the past twelve years have mortages above their actual value. The appraiser over valued the property, the lending officer signed off on the loan and the seller kicked back to the lending officer and the appraiser.
This practice has been taking place from coast to coast.
Not here. In Fairfax County, VA, land values somehow amazingly went through the roof while home values fell....so no tax break for homeowners who now have greatly devalued property.
We need a revolution in this country and to go back to the type of government our forefathers created.
Are those land values based on residential values or potential commercial values? If the latter you may want to speak to a lawyer.
“We need a revolution in this country and to go back to the type of government our forefathers created.”
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A perfect one sentence analysis of what is wrong with this country.
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