LOS ANGELES, Calif.--Los Angeles County homeowners have until Nov. 30 to ask for a reassessments in hopes of cutting their property tax bill, the county assessor said today.
Los Angeles County Assessor John Noguez urged property owners to ask for a free review of residential and commercial properties to see if they are eligible for reduced property taxes.
"Property values have dropped in nearly every area of Los Angeles County," Noguez said.
State law allows for a reduction in assessed value when the market value of a property is less than its assessed value. Even if reassessments reduce revenue, Noguez is legally bound to make sure valuations are accurate.
The Assessor's Office has already reviewed a many properties and mailed notices about adjustments months ago, a spokesman said today.
Residential homeowners, people who want to dispute valuations or those with commercial properties can file an application for a review by Nov. 30.
Applications are available at http://assessor.lacounty.gov or by calling (888) 807-2111.
The county taxes about 2.4 million homes and businesses. The total appraised value in 2011 was more than $1.1 trillion.