Beginning in 2010 the LA Co Assessor has new rules for decline-in-value reviews. As you are probably aware, the Assessor will give some homeowners who bought their home at the peak of the market a reduced assessed value to more closely reflect the current value of the property.
On the Assessors website they state that they are reviewing homes purchased between July 1, 2003 and June 30, 2009 to determine if those homes qualify for a decline-in-value reduction on their 2010/2011 tax bill. If your home is reviewed, you will receive the results by mail. By June 30, 2010 you will be able to look up the current assessed value of your home on the Assessor's website.
If you believe the assessed value shown on the current bill (2010/2011)is higher than the current market value you should file an appeal with the Assessment Appeals Board. The forms to do this will not be available until June 1, 2010. If you would like assistance with this process, our office has processed the required forms for many of our clients already and we are very familiar with the rules involved.
One thing to keep in mind about the decline-in-value reduction: it can be changed back to the old assessed value at the Assessor's discretion any time in the future if they determine market values have progressed to that point.
Remember! - don't respond to solicitations you receive in the mail re: the decline-in-value requesting $$$ in order to process the review - its a scam...
