Tax Relief Options for Los Angeles Properties Affected by Wildfires
As wildfires continue to impact Los Angeles and surrounding areas, many homeowners face the daunting task of rebuilding and recovering. For Lake Tahoe homeowners with properties in Los Angeles, understanding available resources and relief options is critical. The Los Angeles County Assessor’s Office offers valuable tax relief programs to help property owners navigate these challenging times. Below, we’ve outlined the key options available and how they may apply to you.
1. Misfortune and Calamity Tax Relief
If your property has been damaged or destroyed by a calamity such as wildfire or flooding, you may qualify for property tax relief. Here are the details:
- Eligibility Requirements:
- The property must be damaged or destroyed by a calamity, with the loss exceeding $10,000 in current market value.
- An Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity (ADS-820) must be submitted to the Assessor’s Office.
- The application must be filed within 12 months from the date of damage or destruction.
- Benefits:
- You may receive a reassessment of your property’s value based on its post-damage condition, potentially reducing your property tax liability.
For more information and to download the application, visit the LA County Assessor’s Disaster Relief page.
2. Proposition 19: Disaster Relief Transfer of Base Value
If your property was substantially damaged or destroyed by a Governor-declared disaster, Proposition 19 provides additional relief:
- Key Features:
- You can transfer your property’s tax base to a comparable replacement property within the same county or in another California county.
- This allows you to maintain your lower tax base, even if you move to a new property.
- Eligibility:
- The replacement property must be comparable in value and purchased or built within a specific timeframe. For detailed guidelines, visit the Prop. 19 page.
Additional Resources
For further guidance or support, consider these resources:
- LA County Assessor’s Office Contact Form: For personalized assistance, use the Contact Form.
- California Board of Equalization Disaster Relief Website: Additional tools and resources are available at boe.ca.gov.
Recovering from a disaster is never easy, but these programs can help ease the financial burden. Together, we can weather this challenging time and work toward rebuilding stronger communities.
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