Our offices here at the Howard Jarvis Taxpayers Association are already getting calls from victims who are ready to press on and move forward to start rebuilding
The terrible fires that have ravaged Los Angeles County and other parts of the Southland aren’t even fully contained and our offices here at the Howard Jarvis Taxpayers Association are already getting calls from victims who are ready to press on and move forward to start rebuilding. It has been an important reminder that one of the great things about living in California is the people. In many ways, they still have the pioneer spirit that built this great state and country.
To qualify for a “misfortune or calamity” reassessment, the damage to your property must exceed $10,000 of the current market value. Obviously, if your house was destroyed, you certainly qualify. But even if your house is still standing, the decline in your property values from the neighborhood being destroyed around it likely qualifies you for a “decline in value” reassessment that will provide property tax relief.
Some homeowners may also be eligible for property tax postponement, an income-qualified program operated by the State Controller’s office. “Comparable in size and utility” means that “the reconstructed property may not exceed 120 percent of the market value of the property prior to its damage or destruction.” So, for example, if your old house was worth $1 million, you can go up to $1.2 million without a tax increase.
If you just want to move and take your Prop. 13 value with you, you can but it must be done within two to five years depending on whether the move is within your county or to another county. It also must be to a property of equal or lesser value to keep the same tax bill. You can buy a property of any value, but anything extra will be added on, just as if you were exceeding that 120 percent when you rebuild.
The Board of Equalization also has general information for property owners affected by the fires and other disasters that may be eligible for property tax relief, go to:State Treasurer Fiona Ma has also put together a list of helpful links for victims of wildfires and other natural disasters: https://www.treasurer.ca.gov/STO-Wildfire-Recovery-Resources-Guide.pdf
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