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Devastating wildfires burned more than a half million
acres in California. If your property suffered damages of
$10,000 or more as a result of the 2007 firestorms, you are
eligible for a reduction in your property taxes, but you need to
act soon.
WHERE
The counties offering tax relief include:
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San Diego
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Los Angeles
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Ventura
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San Bernardino
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Orange
HOW
State law allows county assessors to temporarily
reduce the value of property that has been damaged or destroyed.
This includes real estate and business personal property.
Business inventory is not subject to property taxes and
therefore does not qualify.
Your property will be reappraised and you will
receive a corrected tax bill or refund. The adjustment and
proration of taxes will be based upon the reduction in value
from the date of damage to the end of the fiscal year, which is
June 30, 2008.
The reduction for misfortune and calamity will
be reviewed in subsequent assessment years and adjusted
according to completion of repairs and construction. Once the
structure is fully restored to its prior utility, the claim will
be closed and the trended base value or fair market value
(whichever is lower) will be restored.
WHEN
The Application for Reassessment of Property Damaged or
Destroyed by Misfortune or Calamity is issued by each county
assessor's office. The application must be filed within 12
months of the occurrence of the damage.
Below are links for each respective county
assessor.
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