LOS ANGELES – Assessor Jeff Prang is reminding homeowners that a savings awaits them only for the asking, which can result in a $7,000 drop in a home’s taxable value.
The Homeowners’ Exemption reduces a property’s taxable assessed value by $7,000, provided that the property is the owner’s principal place of residence as of January 1st. The result is a $70 savings on the annual tax bill. Homeowners need only apply once in order to receive these savings each year. Savings continue until a change (such as a sale) is recorded.
Moreover, many a homeowner is unaware of the tax savings program or has not taken advantage of it. The homeowner has to file by Feb. 15 to receive the full year-long savings. If a homeowner files after the Feb. 15 deadline, they will receive a prorated reduction this year only to receive the full amount in subsequent years.
Assessor Prang explains it this way: “Nearly one in three homeowners in Los Angeles County do not take advantage of this tax savings program, leaving $30 million unclaimed each year. Across the County, an additional 435,000 families can be saving on their tax bills.”
Cities with the highest rate of unclaimed exemptions are Palmdale (48.6%), Lancaster (47.3%), Lynwood (43.7%), Pomona (43.1%), and South Gate at 41.6%.
This tax savings program is just one avenue available to them, which is why Assessor Prang has instituted an aggressive public information effort to raise awareness about ways in which Los Angeles County property owners can save on annual tax bills.
Those programs include Misfortune or Calamity, Parent-Child, Veterans’ Exemption, Disabled Veterans Exemption, and the Senior Exemption that allows anyone 55 and older to move and take their low tax-base with them. These are just a few of the tax savings offered by Assessor Prang.
[Information via news release from the Los Angeles County Office of the Assessor.]