How To Save $70 On Your LA County Property Tax Every Year

LOS ANGELES, CA — Homeowners in Los Angeles County can benefit from a $7,000 reduction to their home's taxable value, but every year nearly half a million homeowners miss out on the savings, Assessor Jeff Prang announced Wednesday.

Most homeowners are eligible for the annual reduction in their home's assessed value for an automatic savings of $70 each year. However, according to Prang, a third of the county's homeowners are not aware 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 state's Constitution gives homeowners relief from the high cost of housing through the Homeowner's Exemption.

To qualify, the homeowner must live in the home as their primary residence as of Jan. 1 of each year. To benefit, homeowners have to apply for the exception by Feb. 15. The exemption automatically reduces a home's assessed value by $7,000, and homeowners need only apply once to receive the savings each year when the property tax is due.

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. The exemption does not apply to property that is rented, vacant, or under construction

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/.

City News Service contributed to this report.