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DECLINE IN VALUE REVIEW PRODUCES PROPERTY TAX SAVINGS BY 6/30/2008
Los Angeles County Assessor Rick Auerbach today announced completion of a decline in value review of homes in Los Angeles County. Auerbach said that due to the declining real estate market, it was his responsibility to review values to make sure homes are properly assessed. ¿We looked at homes and condominiums that were purchased between July 1, 2004 and June 30, 2007, based on our analysis of market trends in Los Angeles County,¿ Auerbach said. ¿The review included 318,000 homes and condos. Our analysis will result in lower assessments on 128,000 homes and condos and will be reflected on the tax bills to be issued in October.¿ The average reduction in assessed value is about $73,000, he added, amounting to an average property tax savings of approximately $750. ¿In addition, this review will eliminate the need for many taxpayers to go through the formal appeal process,¿ Auerbach said. The 128,000 homeowners who will be receiving a value reduction will be notified in writing by June