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LOS ANGELES – Homeowners and nonprofits across Los Angeles County will see record savings of $620 million on their 2019-20 property tax bills, Assessor Jeff Prang said Thursday.<\/p>\nLOS ANGELES – Homeowners and nonprofits across Los Angeles County will see record savings of $620 million on their 2019-20 property tax bills, Assessor Jeff Prang said Thursday.<\/p>\n
Growth in L.A. County property values means this year’s property taxes will deliver about $20 billion in essential funding for schools and other vital public services, Prang said in a statement.<\/p>\n
Equally important are the saving programs which bring down the cost of home ownership while allowing nonprofits to continue improving quality of life in communities across our county, he said. The new record is driven by a substantial number of people taking advantage of the saving programs offered by Prang’s office. As an example, the 2019-20 local property assessment roll includes $62.04 billion in exemptions, which will provide a reduction in taxable value and more than $620 million in savings.<\/p>\n
Key among the savings are the disabled veteran exemption, where participation jumped over 2018-19 and now sits at $5.25 million in savings, and the homeowners’ exemption at $7.16 million in savings, Prang said. Exemptions for nonprofit institutions provide savings of $467 million for schools, hospitals, libraries, museums, religious organizations and community service providers.<\/p>\n
In addition to these figures, the Assessor offers tax relief for victims of natural disasters such as earthquakes and wildfires, as well as exclusions from re-assessment for eligible homeowners, producing significant and ongoing savings.<\/p>\n
“There are valuable resources available through my office that may be able to prevent potentially costly increases in a property’s tax burden,” said Prang. “I encourage everyone to get in touch with us to learn more and take advantage of these many saving opportunities.”<\/p>\n