Lower property taxes for 300,000 homeowners in LA County

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A loss for Los Angeles County may benefit more than 300,000 homeowners. KPCC’s Cheryl Devall says the county assessor is lowering the property tax assessments on that county's many properties.

Cheryl Devall: The assessment results are on their way by mail to owners of single-family houses and condominiums purchased in the five years between July 2003 and the end of June 2008. Los Angeles County Assessor Rick Auerbach said that of close to half a million properties his office reviewed, 330,000 will list lower assessments. The average reduction in value is about $126,000 – Auerbach said that’ll equal about $1,400 less in property taxes starting with the October bills.

The total drop in revenue to L.A. County is about $440 million, but Auerbach said that’s about what the county’s budget planners had figured for the coming fiscal year. In a statement, he said he hoped to sideline scam artists who try to charge a fee for assessment review services his office provides for free.