Want to pay less on your property taxes? Apply for a decline-in-value eassessment.

What is a Decline-in-Value Reassessment The values of single-family residences and condominiums throughout the State have been declining. While the declines in Los Angeles County have not been as dramatic as those in other parts of the State, property values have dropped in nearly every area of Los Angeles County. How does this impact your property taxes? In 1978, California voters passed a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on your most recent property tax bill. Typically, an application is required to initiate a review of your property’s value by the Assessor. However, in 2008 the Los Angeles County Assessor’s Office began doing a proactive review of single-family residences and condominiums based on an analysis of market trends in Los Angeles County. For 2008, single-family residences and condominiums purchased between July 1, 2004 and June 30, 2007 were reviewed. For 2009, the review was expanded to include single-family residences and condominiums purchased between July 1, 2003 and June 30, 2008. For 2010, the review included single-family residences and condominiums purchased between July 1, 2003 and June 30, 2009. In some particularly hard-hit areas of the county, the review included properties purchased prior to July 1, 2003. You can check our "Will My Property Be Reviewed for a 2011 Decline-in-Value" webpage to find out if your property automatically qualified for a review. Property owners whose property was included in the review were notified of the results in writing by June 2010. Click the Title of this article to take you to the Assessor's website.