In addition, Los Angeles Property owners and nonprofits are on track to get significant tax savings estimated at $620 million for the tax year 2019-2020. Los Angeles County Assessor, Jeff Prang said earlier in August, “Equally important are the saving programs which bring down the cost of homeownership while allowing nonprofits to continue improving quality of life in communities across our county.”
The increase in L.A. County property values will bring vital funding to schools and essential public services funds. Which will bring about $20 billion. The savings are mainly driven by a substantial number of people taking advantage of the programs offered by the Assessor’s office.
Taxable Value
The 2019-20 local property assessment roll includes $62.04 billion in exemptions and, therefore will provide a reduction in taxable value and more than $620 million in savings. Programs in the savings are the disabled veteran exemption, where participation increased in 2018 and now sits at $5.25 million in savings, and the homeowners’ exemption at $7.16 million in savings. Exemptions for nonprofit institutions provide savings of $467 million for schools, hospitals, libraries, museums, religious organizations, and community service providers.
In addition, tax relief programs are available for victims of natural disasters such as earthquakes and wildfires. Several homeowners are excluded from re-assessment for eligible homeowners who can produce ongoing savings. If you would like to check if you are one of Los Angeles Property owners who can take advantage of tax savings, call us today.