Real Estate Q and A's > General Real Estate Questions > How do you lower your property taxes?
Passed by California voters in 1978, Proposition 8 allows for a temporary reduction in your home’s assessed value if property values decline significantly in your area.
In a nutshell
The real estate market is down by over 20%* and you believe your home is worth less than when you purchased it. If you can build a case that supports your belief, the county assessor may temporarily lower your home’s assessed value, which in turn will lower your annual property tax obligation.
Eligibility
You must be able to demonstrate to the county assessors office that on January 1st, that the market value of your property is less that its current assessed value.
The process
A claim is filed with the county assessor that is used to support your opinion that the assessed value for your home is less than your current assessment.
Your claim is reviewed and the information you provide is corroborated. If the person reviewing your claim agrees with your position, that home values in your area have trended down, you are eligible for receiving a revised assessment to your home’s value. Conversely, if the reviewer determines that home values have not declined in your area, you claim will be denied.
What you do
Along with your claim form, you’ll also need to provide materials that support your position. You can gather recent sales information from your Realtor, online real estate sites and neighbors.
You’ll want to compare apples to apples, meaning recent sales (last few months), similar size, location, zoning, bedrooms, age, and quality can all be used to build your case. The assessors office will have their own comparative and research materials, but they want to know why you think your home’s value has declined.
What’s next?
Complete a decline in value reassessment application, and submit it.
Forms and additional information is available at www.assessor.lacounty.gov or, you can send an email to helpdesk@assessor.lacounty.gov, or call the assessors office at 213.974.3211.
*a random number I chose.
Last updated on January 24, 2012 by Blake Roberts