If you are a homeowner in Pasadena or any of the Los Angeles County areas and your home value has declined, this article is for you.
Today, I had an opportunity to meet with and interview Carol Wong Quan. Carol is a Special Assistant with Los Angeles County Assessors office. She was excited about the proactive approach that the Assessor is taking in re-evaluating single family homes and condos for a possible Decline-In-Value reassessment.
If your home was purchased between July 1,2004 and June 30,2007, you do not need to do anything. The assessors office is actively reviewing 316,000 parcels to see if your property taxes need to be lowered due to value decline. Over 152,000 homes in the Los Angeles County have been reviewed already and close to 72,000 home owners will get the happy news of lower property taxes.
Pasadena homeowners will be notified by the end of June with the assessment results.
If you purchased your Pasadena home before July 1st 2004 or after June 30th 2007 and believe that the value of your home has declined, you can still submit a ˜Decline-In-Value Reassessment Application (Prop.8). This form can be downloaded from the assessors website at www.assessor.lacounty.gov
The deadline for submission of these applications is December 31, 2008.
You can also call 213.974.3211 or 888.807.2111 for assistance.
Interested in more information about Greater Pasadena Area cities, check out our City Guides below:
And, if you are interested in fun activities to do, take a look at our 365 Things To Do In Pasadena® page.
Thinking of selling your home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Southern California Real Estate Market.