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Has your property tax bill increased? Do you know what you can do about it? Do you know why your property tax has gone up? Today, we'll answer those questions for you.
Fueled by an increase in home sales, the assessed value of all taxable property in Los Angeles County rose 6% this year. That's the largest jump since 2010 and that's what the county assessor reported last month.
Los Angeles County released a report on the 2015 assessment roll. Taxable properties were valued at a net total of 1.26 trillion dollars. That's a 73.1 billion dollar increase from the previous year. The tax roll is strong. Last year, every city in Los Angeles County experienced increased home sales compared to last year.
The assessment roll also reported on over 2.3 million taxable property parcels, 318 pieces of business equipment, 46,000 boats and 3,100 aircrafts. Each year, the county assessor must evaluate all residential and commercial properties. Taxes levied off 1% of the assessed value of the property. Under Proposition 13, the assessed value of a property can never increase more than 2% unless it's sold.
The majority of homeowners in LA County will see a 2% increase in the value of their homes. San Bernardino County will see an increase of 5% in home value, surpassing their previous high in 2008. In LA County, property sales were the biggest factor in the increases in the assessment roll, as we saw a 3% jump in home sales from 2014.
This report continues the steady upswing in property values that began in 2010. From 2007 to 2010, the assessment actually declined and homeowners saw a decrease in value. About 200,000 properties haven't fully recovered. These properties are mostly located in the northern part of the county, but there has been an increase in value in LA County.
If owners disagree with their new assessed value, they may file an appeal before November 30. We can assist with that. We don't charge anything. If anyone tries to charge you to file the appeal, you need to know that it is illegal to charge for that and report them. We will provide you with comparables to appeal your home value.
Go to the assessor's site to get the petition form. If you have any questions, give us a call or send us an email. We would be happy to help you!
When I get the tax records about my property, I was surprised because the tax bill was increased than before. I need to do my property search and I really want to know why it is increased. They just increased the tax amount when they want to which is not good at all.
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