LA County Assessor Alerts Homeowners to Tax Savings Opportunity

Homeowners in Los Angeles County can benefit from a $7,000 reduction to their home’s taxable value, Assessor Jeff Prang announced Wednesday.

Since 1974, the state’s Constitution has given homeowners financial relief from the high cost of housing through the Homeowner’s Exemption. Homeowners have until the deadline on Feb. 15 to apply for and receive the full benefit of the exemption.

The exemption automatically reduces a home’s assessed value by $7,000, if the home is the owner’s primary residence as of Jan. 1.

Homeowners who are granted an exemption can see a property tax savings of $70 annually, and they only need to apply once to receive these savings each year. The savings continue until a change to the property’s title, such as a sale, is recorded.

If the deadline is missed and a claim is filed later this year, a homeowner may have their savings prorated for this tax year and receive the full benefit in future years.

According to the assessor, many homeowners are unaware of the savings or do not take advantage of it.

“Nearly one in three homeowners in Los Angeles County do not take advantage of this tax savings program, leaving $30 million unclaimed each year,” Prang said in a statement. “Across the county, an additional 435,000 families can be saving on their tax bills.”

The exemption can also apply to properties transferred between parents and children or in some cases, even grandparents to grandchildren. But if the property is not being used as the owner’s primary residence or the exemption is not claimed, children will not receive the tax benefit.

For additional information, visit https://assessor.lacounty.gov/homeowners-exemption/.