In the spirit of New Year’s resolutions and setting financial goals, Assessor Jeffrey Prang encourages Los Angeles County homeowners to apply for the Homeowners’ Exemption that can save owners of residential property $70 off their property tax bill each year.
This is how it works: Once a homeowner submits an application and qualifies for the exemption, the property’s assessed value is reduced by $7000, thereby lowering the property tax bill by approximately $70 each year. There is no need to re-apply, which means the savings will continue until a change of ownership or re-assessment occurs. To qualify for the exemption, the home must be the owner’s principal place of residence on January 1st.
Who would not want to save $70 per year in property taxes? An annual savings of $70 can buy 26 cups of coffee, 25 gallons of gasoline, dinner and a movie, or 2 gallons of paint to brighten the look of a home.
For the Homeowners’ Exemption application form and filing information, please click here.