June 3rd, 2010 11:58 PM by Lehel S.
About 405,000 homeowners in Los Angeles County can expect to see lower property taxes later this year, the county assessor said Wednesday.
Those most likely to receive property tax reductions purchased their homes or condominiums after July 1, 2003, Assessor Robert Quon said, just as the housing market bubble began to inflate.
In some cases, however, tax reductions were made for some homes purchased earlier than 2003, including in Compton, East Los Angeles, Van Nuys, Paramount and Pomona.
In Lancaster and Palmdale, which have seen a severe drop in property values, those who purchased homes as far back as the 1980s may see tax reductions.
The reduction in property taxes may be significant. For single-family homes, the average reduction in property taxes is about $1,800; the average savings for condo owners is $1,500.
--Rong-Gong Lin II