||The Los Angeles County Office of the Assessor is encouraging property owners to request a decline-in-value review of their property before November 30 for the 2012 tax year. Proposition 8 amended the California constitution to allow for a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1, 2012. The assessed value is the value shown on your most recent property tax bill.
This year the Office of the Assessor has granted 406,000 property owners a temporary decline-in-value of their property, but there is still an opportunity to file for a review by November 30.
Due to their complex nature, apartments, commercial, and industrial properties were not proactively reviewed. Owners of these types of properties may also submit a 2012 Decline-in-Value Review Application. The application can be filed either online at http://assessor.lacounty.gov or it can be obtained by calling (888) 807-2111.