Are you in line for a property tax cut?

Property tax bills going out in October will have good news for some beleaguered L.A. County homeowners.

Thanks to a proactive review by Los Angeles County Assessor Rick Auerbach of 473,000 homes and condominiums, property taxes were lowered on some 333,000 of them.

By visiting the County Assessor website, and entering a street address or Assessor Identification Number, owners can quickly learn whether they’re on the list, which primarily covers residences bought between July 1, 2003 and June 30, 2008, but also included homes in certain hard-hit pockets of the County going back as far as 2000.

The homes picked for proactive review came in neighborhoods where the run up and subsequent collapse in housing prices was particularly extreme. The average reduction in value for single family homes was $126,000, which means a property tax savings of around $1,400. For condos, the value drop was about $96,000 and the tax savings this year was approximately $1,100. The free review meant that these taxpayers would get the benefits of a reassessment.

Homeowners whose properties were reassessed should have received notification over the summer. Homeowners who think the new valuation is still not accurate should contact the nearest Assessor’s district office to discuss the results. If need be, they should consider filing an appeal with the Assessment Appeals Board by November 30, 2009.

Residential and commercial owners whose properties were not reassessed but who believe their property’s assessed value was too high should consider downloading and filing the one-page Decline in Value application. Or they can call the Public Service Information line at 213-974-3211, or toll-free, at 888-807-2111. When home prices dropped so quickly and comparables not always reliable, the Assessor urges property owners to contact them. “If property owners do have more up to date information, they need to contact us,” says John Noguez, special assistant to the Assessor. “Assessor Auerbach continues to be very proactive to help property owners.”