According to the latest reports, there are currently 400,000 homeowners in LA County who aren’t taking advantage of the savings on their annual property tax bills, leaving as much as $30 million unclaimed.
If you own your primary place of residence as of January 1 of this year, the homeowners exemption will reduce the taxable assessed value of your home by $7,000, thereby lowering your tax bill by $70 each year. Unlike other programs, this is something you only need to do one time to receive the savings every year.
Here’s what you need to do to take advantage of this exemption.
First, click here and log in to see if you’re already receiving the exemption. If you aren’t, it will tell you so.
If you aren’t already receiving this exemption, follow that same link and download the one-page PDF form that’s provided. Then, all you have to do is fill out that form and send it in by February 15 to ensure you receive the full rewards of 2018.
It will take you 30 minutes at most to fill out this form, and the benefits are substantial. As they say, a penny saved is a penny earned.
If you have any questions about this exemption or you’re looking to buy or sell a home in our market, don’t hesitate to give me a call or shoot me an email. I’d love to help you.