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Lev
Lev, Tax Advisor
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Experience:  Taxes, Immigration, Labor Relations
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Can you help with a property tax question

Resolved Question:

Can you help with a property tax question?
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

Hi,

Please post you question...

Customer: replied 5 years ago.
My wife and I bought her grandparents home after her grandfater passed away 2006. We bought the home for $500,000. For the first year we were paying property taxes around $500 a month around $6000 a year. Now the taxes have doubled to $12,000 a year. The house is valued around $900,000 or so. The taxes we are paying is based on $1,000,000. We were told that we only would pay taxes on the purchase price. The home needs alot of repairs. New pipes, electrcal wiring, termites. Is there a way to lower our taxes or are we stuck? Thanks
Expert:  Lev replied 5 years ago.

Please provide in which county the property is located?

 

Customer: replied 5 years ago.
Los Angeles California.
Expert:  Lev replied 5 years ago.

The Los Angeles County Assessor establishes the assessed value of your property by appraising the value of that property under applicable State laws. The assessed value is then placed on a list with all other properties in Los Angeles County and this list is called the "Assessment Roll." The Assessor also approves and applies all exemptions, which are added to the Assessment Roll.

 

If you disagree with the Assessor's value, you should first discuss your disagreement with the Assessor's Office. If the Assessor's Office does not resolve the matter to your satisfaction, you will still have the right to file an appeal with the Assessment Appeals Board.

Click Here to watch a video about the assessment appeals process.

 

The assessed value of your property is used to calculate your tax liability.

If you own and occupy your home as your principal place of residence, you are eligible for a Homeowners' Exemption that reduces your property tax by about $70 annually.

 

The Assessor's Office must be notified upon the death of an owner within 150 days of the date of death, or if the estate is probated at the time the inventory and appraisal is filed. Please complete and submit the Change of Ownership Statement (Death of Real Property Owner). This form is required even if the decedent held the property in a trust.

 

In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment. Proposition 193 expands this tax relief to include transfers from grandparent(s) to grandchild(ren). In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion. You need to file the form - Claim for Reassessment Exclusion for Transfer from Grandparent to Grandchild (OWN-143).

You may also contact the Office of the Assessor 1(888)807-2111 (Toll Free) or(NNN) NNN-NNNN

Let me know if you need any help.

Customer: replied 5 years ago.
So then its not true that our taxes should be based on the price we bought the home for but the assessed value?
Expert:  Lev replied 5 years ago.

Yes - property taxes are based on the assessed value - because reassessments are based on sale information - sometimes the purchase price is used as assessed value for the year of purchase.

However - it would be reassessed unless you apply to be excluded from reassessment.

 

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 23251
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you
Customer: replied 5 years ago.
OK. Thank you very much.

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