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.
The reductions will be reflected in tax payments due in December and April. The cuts remain in effect for only one year; the assessor must renew future property tax reductions annually.
Property owners can go to assessor.lacounty.gov and click on the link "Will My Property Be Reviewed for a 2010 Decline-in-Value?" to see if their property was considered for reassessment. Notices also are being mailed out this month.
Those seeking a greater tax reduction can file an appeal.
Quon said the total value of all property in the county declined 2.3%, much larger than last year's decline of 0.09%. Before 2009, the last time the total value of property fell in the county was during the recession of the mid-1990s.
But what's good news for homeowners is bad news for county budget officials.
In April, county Chief Executive William T Fujioka proposed significant cuts in sheriff's, library, public health and other services in order to close a $510.5-million shortfall.
"It's a huge hit," Ryan Alsop, the county's assistant chief executive, said of the property tax reductions.