Los Angeles County owners who rack up large losses within the present wave of storms can stay up for one comfort, nevertheless small: These losses can translate into decrease property tax payments.
L.A. County Assessor Jeff Prang mentioned Wednesday that property house owners have one 12 months to use for a reassessment of “Property Broken or Destroyed by Misfortune or Calamity.” To be eligible for tax aid, the property should have misplaced greater than $10,000 of its present market worth.
If certified, the property could also be eligible for a refund of taxes beforehand paid, in addition to a discount in taxes going ahead till the house or industrial property is repaired, Prang mentioned. You may receive an software type on the assessor’s web site or by calling (213) 974-8658.
Not like the Inner Income Service, the county isn’t suspending the April deadline for tax funds. Property house owners who don’t pay the second property-tax installment by April 10 will nonetheless be hit with a ten% penalty. However Prang mentioned those that are affected by the storms, together with first responders, can apply to have the penalty waived.
State regulation permits counties to cancel tax penalties when property house owners fail to pay on time “attributable to affordable trigger and circumstances past the taxpayer’s management … however the train of atypical care within the absence of willful neglect.” In these instances, taxpayers would have till June 30, 2027, to pay what they owed.
To have a penalty canceled, you’ll be able to apply on-line on the L.A. County Treasurer and Tax Collector’s web site. It’s also possible to receive a type from the assessor’s workplace by calling (213) 974-2111, (213) 974-2196 for TTY, or toll-free at (888) 807-2111.
About The Instances Utility Journalism Staff
This text is from The Instances’ Utility Journalism Staff. Our mission is to be important to the lives of Southern Californians by publishing info that solves issues, solutions questions and helps with resolution making. We serve audiences in and round Los Angeles — together with present Instances subscribers and numerous communities that haven’t traditionally had their wants met by our protection.
How can we be helpful to you and your group? Electronic mail utility (at) latimes.com or considered one of our journalists: Matt Ballinger, Jon Healey, Ada Tseng, Jessica Roy and Karen Garcia.
