Los Angeles County Assessor Jeffrey Prang and the LA County Board of Supervisors have proclaimed January as Homeowners’ Exemption Awareness Month, and this week, the Board supported Prang’s countywide effort to promote the Homeowners’ Exemption, part of a broader campaign by the assessor to raise awareness about property-tax savings available for homeowners.
It is estimated that nearly 400,000 homeowners have yet to take advantage of the Homeowners’ Exemption in Los Angeles County, according to the assessor’s office.
The Homeowners’ Exemption lowers a home’s assessed value by $7,000, thereby reducing the property tax bill by about $70 annually. Although an annual savings of $70 seems small, a little often goes a long way for many homeowners, according to the assessor’s office. For example, an annual savings of $70 over 10 years is $700, the price of a new water heater— which often need to be replaced every 10 years.
“Thank you for the Board of Supervisors for joining us in declaring January as Homeowners’ Exemption Month,” Prang said. “I am making every effort to inform taxpayers about this important tax savings available for homeowners. This exemption can be especially beneficial to low-income homeowners and those on fixed incomes. Every homeowner should apply for this free tax benefit.”
Once qualified for the exemption, a homeowner does not have to reapply, meaning the savings will be applied until a change of ownership or reassessment. To qualify for the exemption, the home must be the owners’ principal residence.
For the Homeowners’ Exemption application form and filing information, visit tinyurl.com/zkzvm53.
For more information on additional property tax relief programs, visit the Office of the Assessor website at assessor.lacounty.gov/exclusions-tax-relief.
Source: LA County Assessor’s office
