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  • Address: 2120 Colorado Blvd., Suite #1, Eagle Rock, CA 90041
  • Office Phone: 323-274-2148

Tracy King Blog - Eagle Rock Real Estate - Northeast Los Angeles Realtor

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LA Digs - Northeast LA Real Estate Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

Supplemental Property Tax: a confusing story

Supplemental Property Tax is just about the most confusing aspect of purchasing a home
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All about California Propositions 60 and 90

If you are 55 or older, you can qualify for a once-in-a-lifetime chance to take your current property tax base and transfer it to your next home purchase.

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Decline-In-Value Property Tax Information

Homeowners, get the straight story on your property tax situation directly from the source: the Los Angeles County Assessor’s office. Here is the link to the Property Tax Portal: http://lacountypropertytax.com/portal/default.aspx .

From this website, you can click onto all kinds of helpful information including:

  • Property Tax Relief for Owners of Fire Damaged Properties.
  • Information on Decline-in-Value Reassessments
  • Has My Property Been Reviewed for a Decline-in-Value?
  • Property Tax Postponement Program Suspension Statement

Your property automatically qualified for a 2009 decline-in-value review under either one of the following conditions:

The property is a single-family home or condominium purchased between July 01, 2003 (2000 in some areas based on economic conditions) and June 30, 2008.

The property is subject to annual review of a temporary decline-in-value reassessment granted for the prior assessment year (2008).

Owners of properties other than single-family or condominium (residential-income and commercial/industrial for example) may file a Decline-in-Value Reassessment Application on or before December 31, 2009.

If you need help (for free) finding sales to support your lower value, I am happy to help. But there are a couple of dates you must be aware of:
1. You only have until December 31, 2009, to file for the 2008/2009 tax year. If you miss that deadline, you can file for a reassessment as of January 1, 2010. You cannot file for that date until after April 1, 2010, and the value will be based on sales between about January 1 and no later than March 31, 2010.
2. The value we are filing for now is based on the approximate value as of January 1, 2009. The Assessor’s office is looking at sales no later than March 31, 2009.
Timesaving Tip: You can also file the Decline-in-Value application and not fill in the sales information. The Assessor’s office will still consider your application. Also, if you have been reassessed and you disagree with their number, you have missed the deadline to file. But you can file for the next tax year.
Thoroughly confused? Well, this is the government. The property tax system is intricate. The good news is that even if you miss the deadline, there is always next year. Hopefully, that will be the last of the price declines, but stay tuned.

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Scam Alert: Property Tax Reassessment

I received a letter today from this company which says they will file for your property tax reduction for a fee of $179 per property. Folks, you might as well flush $179.00 down the toilet! My letter said the deadline to reply is January 7, 2009. According to the real Los Angeles County Tax Assessor's form RP-87 (the real official form to use, not this bogus letter) - This form MUST be filed by December 31, 2008. Applications received after that date will not be processed. For assistance, please call 213.974.3211 or 1.888.807.2111.

The bogus letter looks very official, but if you read the fine print on the backside, it says that "Property Tax Reassessment is not a government agency and at no time should the service fee be construed as mandatory unless you wish Property Tax Reassessment to perform services on your behalf." Interestingly, they say if you don't pay by January 7, you will owe $209.00. That makes it look official, doesn't it?

Don't be fooled. If you are one of the property owners whose market value is now less than your assessed value, you can file for the reduction yourself, or contact me and I will help you for FREE. But the deadline is December 31, 2008, which means you should mail the application by December 29. So you need to start on this right away or ask me now if you want my help. I gave you complete instructions in a previous blog post. It's not difficult if you know what to do, which I do.

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Does your property qualify for a tax reduction?

Many of us are dealing with the fact that our real estate is worth less than it was. Good news! For those of us who own property that is worth less than its current assessed value, we can apply for a temporary tax reduction. In 1978, California voters passed Proposition 8, which allowed for this. All the details can be seen at at the County Assessor's website, or from right here: decline-in-value-form.  An application can be requested by calling 888-807-2111. You have until December 31, 2008, to file the form. Here's the press release from the Assessor: Press Release.

Note that we are talking about the assessed value, which you can see on your Annual Property Tax Information Statement at the bottom of the upper portion, not an appraised value or the fact that it might be worth less than what you currently owe on the property. Also, the property value is assessed as of January 1, 2008. Note that the biggest reduction in value in many areas has happened since that time, so the tax reduction may not be nearly as much as you might hope for or imagine. I asked someone who works for the Assessor if we can file again next year for a further decline in value even if we get one this year, and I was told yes. So don't despair, but you'll have to be patient, because you may not see much of a reduction until next year.

If you purchased a single family home or condominium between July 1, 2004, and June 30, 2007, you were already evaluated for a tax reduction and were notified in October if you qualified for one. If you don't agree with the findings, you can appeal. Start the process by calling your local Assessor's District Office. You have to file an appeal by November 30, so you'd better get on this.

If you purchased your real property before or after those times, or you own something other than a single family home or condo, you can download the Decline-in-Value form from the Assessor's website. To establish the value of your property, you can search on the Assessor's website, or as a public service, you can contact me and I will help you if I can. Be sure to read the press release on the Assessor's website, they warn of people who charge hundreds of dollars to help you. Now I'm not going to fill out the form for you - that's your responsibility, but even the Assessor says it's really easy.

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Tracy King, Realtor
DRE# 01048877
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

Keely Myres, Realtor
DRE# 01834633
Phone: 323-274-2148 | This email address is being protected from spambots. You need JavaScript enabled to view it.
COMPASS DRE# 01991628

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