In the aftermath of recent storms, the Los Angeles County Assessor's Office is providing critical financial relief to property owners who have experienced damage due to natural disasters through the Misfortune and Calamity Tax Relief program. This initiative aims to mitigate the financial impact on affected homeowners by offering a reassessment of their property's value, reflecting the damage incurred and potentially lowering their tax obligations.
To be eligible for this relief, property owners must submit an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity (Form ADS-820) (PDF) within 12 months of the damage occurrence. The program stipulates that the property loss must amount to more than $10,000 in current market value to qualify.
Key Aspects of the Relief Program
- Filing Requirements: Eligibility hinges on filing the reassessment application within the 12-month window following the damage, ensuring that losses meet the minimum financial threshold.
- Tax Bill Adjustment: Qualifying properties will see a reduction in tax liability for the portion of the property that was damaged or destroyed, effective from the damage date and maintained until the property is repaired or rebuilt.
- Reconstruction Considerations: Rebuilding efforts that closely resemble the original structure will not result in an increased property tax rate, maintaining the pre-disaster tax base value. However, any enhancements or expansions will be assessed at their full market value.
For detailed information on how to apply for the Misfortune and Calamity Tax Relief, visit the Los Angeles County Assessor's website at: assessor.lacounty.gov/disaster-relief