About 405,000 homeowners in Los Angeles County can expect to see lower property taxes later this year, the county assessor said Wednesday.
Those most likely to receive reductions purchased their homes or condominiums after July 1, 2003, just as the housing market bubble began to inflate, Assessor Robert Quon said.
In some cases, tax reductions were granted for properties purchased earlier than 2003, including in Compton, East Los Angeles, Paramount, Pomona and Van Nuys. In hard-hit Lancaster and Palmdale, those who purchased homes as early as the 1980s may see tax cuts.
The average reduction for single-family homes is about $1,800; for condo owners, it is $1,500. About 290,000 houses and 115,000 condos qualified for the reduction.