The County Assessor is reminding homeowners that a savings awaits them only for the asking, which can result in a $7,000 drop in a home’s taxable value.
The Homeowners’ Exemption reduces a property’s taxable assessed value by $7,000, provided that the property is the owner’s principal place of residence as of January 1st. The result is a $70 savings on the annual tax bill. Homeowners need only apply once in order to receive these savings each year. Savings continue until a change (such as a sale) is recorded.
Palmdale has a 48% rate of unclaimed exemptions, so there’s nearly a 50/50 chance that you could be due for some savings.
For more information, please visit https://assessor.lacounty.gov/homeowners-exemption.