County Tax Officials Begin Reducing Assessed Values

Click on link in title above for complete Times article and link to the right for OC Tax Assessor Site

As Southland counties reassess home values, tax bills fall
Owners benefit, but already cash-strapped governments will see less-than-expected revenue. By Garrett Therolf, Los Angeles Times Staff Writer March 21, 2008

The tumbling housing market has prompted county tax officials around Southern California to begin reducing the assessed value of many houses, resulting in lower tax bills for homeowners but less-than-expected revenue for already cash-strapped governments.

The values of more than 41,000 homes have been reassessed downward so far in Los Angeles County, resulting in an average tax saving of $660. Other counties have barely begun the reassessment process but promise to get the job done before property tax bills are mailed in October.