The average annual tax bill for affected homeowners will fall between $1,500 and $1,800
By: Tim McLaughlin
After reviewing, 405,000 homes, LA County Assessor Rober Quon said the average tax bill should drop this year.
For single-family homes, the average value reduction was $162,000, amounting to an average property tax savings of $1,800, Quon said. For condos, the average reduction was $133,000, or an average savings of $1,500. The lower assessed values will be reflected on the property tax bills sent out in October.
William Roberts, director of the San Fernando Valley Economic Research Center at California State University, Northridge, said the reduction in property taxes is going to help many homeowners.
“It’s been a real struggle and a lot of people have lost their homes,” Roberts said. “This may give some people the ability to stay in homes where they have had difficulty making the payments.”
But in this case, what’s good for homeowners is definitely not good for a county government struggling for new revenue.The assessed value of properties in the county is expected to drop 2.3 percent this year – compared to just a .05 percent dip last year, Quon said. The drop, the largest in recent history, will further reduce the county’s property tax revenues, which have already fallen by $132 million in the last two years.
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