Property taxes in Los Angeles County are projected to increase by 4% in the upcoming fiscal year, bringing in an additional $164 million for the county. This is due to rising home values across the state leading to higher property tax assessments and revenues for cities and counties. While some counties saw larger drops in home values during the recession and may see slower recovery, LA County CEO Bill Fujioka predicts a 7% rise in property tax revenues as about 345,000 homes in the county were reassessed with slightly higher values than their previous base assessments. The increased tax revenues will provide more funding for services like social programs. However, some economists warn that areas like Riverside County that saw more foreclosures may see a slower recovery

1. Alert to homeowners: a property tax hike may be in your
future | Represent!
"That's a huge income source that is unrealistic regarding local governments in the Inland Empire."
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"If folks weren't attending to to the fine print, they will perfectly might be shocked," mentioned
Chris Thornberg involving Beacon Economics.
It's worth noting not every counties will enjoy the same increase in property tax revenues. County's
budget is huge -- $26.1 billion. County, believes the actual estimates are generally as well
conservative. However if the assessed value drops under your base -- as happened for a great deal of
homes throughout the recession - taxes will go up in a quicker rate as properties regain their value.
Property taxes, then, comprise your largest part involving discretionary paying for the Board of
Supervisors -- typically a lot more than 80 percent. "Many property tax bills will go support with a
sharper rate."
Fujioka's four-percent projected improve indicates another $164 million us dollars for that county
inside the coming year. Throughout the particular recession, hundreds of a big quantity of California
homeowners inquired for your worth of their properties being reassessed as well as for their house
taxes to become lowered accordingly. That's additional money pertaining to wants such as further
social workers within the troubled Department involving Kids along with family Services.
Home values are rising once more therefore are
generally tax revenues with regard to cities as
well as counties.
. They Will comprise 20 percent with the
Metropolis associated with L.A.'s $5.1 billion
general fund.
"Their property tax base is going to be hampered
pertaining to years," Thornberg said. Base values
also are lower.
Before Los Angeles County CEO Bill Fujioka sat down Monday for you to existing his proposed
budget for your subsequent fiscal year, he let loose a hearty laugh while he joked along with
reporters. He predicts property tax revenues will boost by seven percent throughout LA.
Most of the property tax raises will be in the four-to-eight % range within Orange County, said
Guillory. Â The base worth will always be the cost of the house when it absolutely was purchased
from the present owner.
L.A. Riverside County's housing market, for example, found much more foreclosures and can be also
not bouncing back also as others. Such As Fujioka within Los Angeles County, he's projecting an
general improve of regarding 4 percent inside property tax revenues.

2. Last year, L.A. The Particular CEO will be in the good mood
these times as any possible improving economy produces a lot
more tax revenues.
Fujioka stated with regards to 345,000 homes in L.A. County
introduced slightly a lot much more than $4 billion within
property taxes.
"In many cases, we had lowered your assessed value of a residence simply by 10-to-12 % less than
base value," said Orange County Assessor Webster Guillory. County require being revalued. Now,
counties across the state are generally reassessing once more as well as raising taxes as house
values rise.
Normally, under Proposition 13, counties can raise taxes upon homes as well as commercial
properties simply by a maximum of two-percent annually or maybe the amount associated with the
buyer cost index, whichever can be higher. but with regards to $20 billion regarding it comes from
your state and federal governments, along with laws dictate how the county may commit the
particular money.
Fujioka is projecting the four-percent increase in property tax revenues for your fiscal 12 months
that starts July 1. school districts and also cities in addition rely heavily about property taxes.
Homeowners tend to be notified when their home can be reassessed.
Thornberg, which consults with regard to L.A. When Thornberg's prediction will be correct, the
actual county will receive as much as $283 million